The Hong Kong government will establish a new Tian Technology City industrial company this year with an initial investment of HKD 10 billion

The Financial Secretary, Paul Chan, read the new "Budget Proposal," stating that the Hong Kong Innovation and Technology Park in the Lok Ma Chau Loop and the San Tin Technopole form a collaborative development of upstream, midstream, and downstream, creating a complete industrial ecosystem. The Lok Ma Chau Loop focuses on upstream and midstream research and development, transformation, and pilot testing, while the larger land area of the San Tin Technopole provides space for prototype development, pilot testing, and mass production. This year, a dedicated company for the San Tin Technopole will be established to promote development, and an application will be made to the Legislative Council for an initial funding of HKD 10 billion, while also accelerating the development of market resources.

The authorities will also apply to the Legislative Council for an injection of HKD 10 billion to the Hong Kong Innovation and Technology Park Company to accelerate the park's development, including introducing market forces to expedite the development of the remaining land in the first phase; providing essential infrastructure; further strengthening support for startups; and establishing a venture capital fund. Paul Chan mentioned that efforts are currently underway to facilitate the convenient flow of personnel, materials, funds, and data between the two parks in Shenzhen and Hong Kong, and to work with the mainland to formulate specific implementation plans for the "cross-river" transfer of research data and biological samples, such as simplifying entry and exit procedures and approval processes through mechanisms like "white lists" and "green channels."

Regarding the promotion of public-private collaboration, the authorities are studying further initiatives to encourage developers holding land in the Northern Metropolis to propose cooperative development plans to the government in conjunction with technology or advanced manufacturing enterprises, hoping that through tripartite cooperation, relevant land and enterprise resources can be aligned with Hong Kong's key development industry directions