Hong Kong possesses the necessary conditions to pioneer the field of biocomputing, as the government strengthens cross-border collaboration in drug development, said Financial Secretary Paul Chan Mo-po.
Speaking at a biotechnology summit, Chan highlighted that the city's two medical schools are both ranked within the global top 25, while five of its universities are in the top 50 for artificial intelligence and data science. Furthermore, 28 laboratories are now operating under the InnoHK initiative.
Chan reported that since the listing reforms in 2018, 75 biotech companies have listed in Hong Kong, raising over US$30 billion (HK$234 billion) and establishing the city as the world's second-largest biotech financing center. He added that in the first eight months of this year, the total new listing funds raised in Hong Kong were nearly seven times the figure for the same period last year, with biotech firms accounting for 20 percent of this.
The city is also supported by a robust financial ecosystem of over 650 private equity and venture capital firms, managing assets exceeding US$230 billion, second only to mainland China in Asia.
Chan also noted enhanced cross-border drug research collaboration. This includes establishing joint clinical trial institutions with Shenzhen in the Loop area, which will study regulatory standards acceptable to both jurisdictions. This initiative is expected to significantly shorten the time-to-market for innovative drugs and bolster Hong Kong's role as a regional drug research and development center.
At the same event, Clara Chan Ka-chai, chief executive of the Hong Kong Investment Corporation, revealed that the corporation has invested in more than 130 companies. Among these, two are already listed in Hong Kong, and over ten have expressed plans or submitted applications for an initial public offering. She also noted that five of these companies had achieved 'unicorn' status prior to listing.
For every HK$1 invested by the HKIC, it has attracted at least HK$5 in long-term co-investment, she added.
Liu Wei, co-founder and chief executive of BioMap, an AI-powered life sciences company, announced that with HKIC's support, his firm launched its international innovation center, 'BioMap InnoHub,' in Hong Kong last year. The goal for the next five years is to collaborate with over 1,000 teams, initiate more than 50 major projects, and facilitate the commercialization and transformation of over 20 innovative companies.
BioMap entered a strategic cooperation agreement with HKIC last year.
