China Resources Enterprise, a subsidiary of China Resources Holdings, announced on Monday (Oct. 18) that it will join hands with the City University of Hong Kongon an innovative and entrepreneurship platform to accelerate Hong Kong's innovative technology development.
Each party will invest HK$50 mn ($6.43 mn) in establishing an HK-based joint venture and nurturing local startups to become unicorns in the Guangdong-Hong Kong-Macao Greater Bay Area, an official said at the news conference. The collaborative platform will keep an eye on innovative technology and startups in the fields of life science and health, biomedical engineering, materials science and engineering.
"The innovative technology development for a city relies on each player, including the government, industries, education, as well as the research institutions, while the collaboration is a good example for that," said Secretary for Innovation and Technology Alfred Sit Wing-hang.
Under the partnership, CityU will provide projects for investment options through a program named HK Tech 300, while China Resources Enterprise will provide industry support and market resources. Everything will be shared, including the research results, income generated by business conventions, as well as the bonus shares and transfer income of invested enterprises in proportion to the investment amount.
"The collaboration takes advantage of both (an) enterprise and higher educational institution, gearing up (for) the industrialization of the research results," said Sit.
The Hong Kong Special Administrative Region government has invested more than HK$130 billion in innovative technology development during the past four years, and has witnessed the birth of 12 local unicorns, Sit said.
The 2021 Policy Address will further construct a sound ecosystem, supporting Hong Kong to be the innovative technology hub of the Greater Bay Area under the guidelines of the 14th Five-Year Plan (2021-25), Sit added.
CityU's HK Tech 300 program will provide HK$500 mn in sponsorship to students, alumni, research staff and others who intend to launch startups using CityU's intellectual property, the news conference was told. The plan aims to create 300 startups in the next three years.
(Source: China Daily)
Comment