$10b fund slated for IT industry as task force set up to develop sector

Eunice Lam

The Hong Kong government is set to disburse HK$10 billion from an Innovation and Technology Industry-Oriented Fund in April 2026.

Secretary for Innovation, Technology and Industry Sun Dong announced the formation of a task force aimed at developing technological innovations in Hong Kong.

In his policy address last October, Chief Executive John Lee Ka-chiu outlined plans for a medium to long-term development strategy for new industrialization in Hong Kong.

This initiative includes creating a cooperative platform, providing financing opportunities and fostering collaborations between local institutions and newly listed companies.

In a recent media interview, Sun said the task force will be responsible for appointing a consultancy firm to assess the current landscape, opportunities and challenges presented in the Hong Kong Innovation and Technology Development Blueprint published in 2022.

"The SAR government needs to equip itself with a clear and comprehensive understanding of the current situation," he said.

The task force will also evaluate Hong Kong's competitive advantages over neighboring regions, while determining strategies for developing new industries.

The HK$10 billion Innovation and Technology Industry-Oriented Fund is designed as a fund-of-funds that aims to attract investments in emerging and strategically important sectors such as life sciences, artificial intelligence, robotics and semiconductors.

Sun said around 130 local and international companies participated in a recent briefing session. The government aims to refine the proposals submitted by the technology sector and seek approval from the Legislative Council, with hopes of initiating fund disbursement as early as April 2026.

Sun also announced that the government is actively working to enhance the city's cyber security and plans to invite mainland cyber security firms and talent to establish a presence in Hong Kong.