Paul Chan: Hong Kong becomes the world's second-largest biotech fundraising center.

Speaking at the International Summit on Biocomputing Innovation, Financial Secretary Paul Chan Mo-po said that since the 2018 reform allowing pre-revenue biotech companies to list, Hong Kong has become the world's second-largest biotech fundraising center. Citing the example of an AI-driven drug discovery company that listed in Hong Kong last December, which attracted institutional investors including international pharmaceutical companies and Chinese tech groups, he said this reflects Hong Kong's role as a "super connector" bringing together mainland and overseas pharmaceutical companies, tech companies and investors. Paul Chan Mo-po noted that the national "15th Five-Year Plan" lists biopharmaceuticals as an emerging pillar industry and identifies biomanufacturing and brain-computer interfaces as future industry development directions. Hong Kong also gives priority support to related industries, driving private investment through public-private partnerships and patient capital, with the aim not merely of increasing R&D spending but of giving promising research the time to prove its effectiveness and directing resources where they are effective. Paul Chan Mo-po said Hong Kong will provide researchers with clinical trial infrastructure, professional talent and a regulatory framework to help verify the safety and efficacy of therapies. Key tasks include preparing to establish the Hong Kong Centre for Medical Products Regulation to build independent assessment capability; promoting cross-boundary flow of data and biological samples in the Loop to connect Hong Kong and Shenzhen laboratories, clinical trials and real-world research; and preparing to establish a Life and Health Technology Research Institute and advancing the construction of a third medical school with HKUST, with emphasis on clinical research from the outset. At the same time, Hong Kong can serve as a familiar and trusted platform to help international pharmaceutical companies and investors access new drugs being developed in China, connecting innovations with the market. Paul Chan Mo-po believes that computing technology, Chinese drug innovation and long-term capital are bringing opportunities to lower the cost of new drug R&D. Hong Kong will play its role in connecting computational models, patients, markets and capital, and improve supporting facilities for research, clinical validation, regulation and financing to help new therapies benefit patients sooner.