Hong Kong startups hit record high of 5,221, up 11 percent

The number of Hong Kong start-up companies has reached a new high of 5,221 last year, an 11 percent year-on-year increase, Secretary for Innovation, Technology and Industry Sun Dong announced on Monday.

Speaking at a showcase for an innovation and technology event, Sun recognized that capital is particularly important for innovation and entrepreneurship. 

He said the government will soon launch the HK$10 billion Innovation and Technology Industry-Oriented Fund (ITIF) to attract private capital to support industrial development.

Currently, nearly 40 fund managers have submitted applications for the scheme. 

Sun also pointed out that the nation's "15th Five-Year Plan" proposes to support Hong Kong's development into an international innovation and technology (I&T) center.

To achieve this, he said Hong Kong is fully promoting the development of its local I&T industry through its three major I&T parks and five major R&D institutions.

These include the Hong Kong Productivity Council (HKPC), the Hong Kong Applied Science and Technology Research Institute (ASTRI), the Microelectronics Research and Development Institute, the Hong Kong AI Research and Development Institute, and the Life and Health Technology Research Institute.