A partnership between the Hong Kong Investment Corporation and the Beijing Academy of Artificial Intelligence is proving to be a strong alliance, with BAAI showcasing immense talent, technology, and advantages in the AI ecosystem, says HKIC chief executive Clara Chan Ka-chai.
Chan explained at the AI Global Talents Connect that the cooperation would start from the foundational level, given BAAI’s advanced research and technology.
She emphasized that the development of innovation and technology requires proactive deployment amid global competition, hence the collaboration.
She also noted a growing and accelerating trend of international scholars and talent returning to Hong Kong.
BAAI is devoted to AI research projects that many universities and companies would find difficult to undertake. With HKIC's strong capital and commercialization capabilities, the partnership would advance Hong Kong’s new positioning as a technology hub, BAAI said.
Chan shared that HKIC has invested in over 120 projects to date. Among them, two companies have already been listed in Hong Kong, while more than 10 others have either submitted listing applications or plan to submit theirs this year.
She added that every HK$1 invested by HKIC has now successfully leveraged over HK$5 in long-term market capital, up from at least HK$4 cited last year.
She revealed that AI is one of HKIC’s key investment areas, with its strong potential in both society and the market.
The purpose of developing AI is not to replace humans or merely enhance productivity and reduce costs – the true value of AI lies in offering new insights into issues of public concern or helping to resolve societal challenges, she said.
Weighing in, Financial Secretary Paul Chan Mo-po said that while technological fragmentation has been intensifying given the geopolitical landscape, no single country or region can – or should – dominate technological innovation.
The complex challenges of AI around ethics, governance, and responsibility for society demand collective wisdom and global cooperation, he said.
He revealed that Hong Kong has prioritized AI as a core industry for future development, highlighting the technology as a key driver in upgrading the city's traditional industries and sectors.
When it comes to tech, Hong Kong is home to some of the world's top academic institutions, he said, while significant, long-term investments have been made in industry research and development.
He added that the Hong Kong Artificial Intelligence Research and Development Institute would be established next year.
The financial chief noted that one of Hong Kong's strengths is providing tech start-ups and companies at various stages with a full spectrum of funding options, from angel and venture capital to private equity, patient capital, and initial public offerings.
HELEN ZHONG
