Hong Kong Innovation and Technology Bureau: By 2024, the number of start-up companies in Hong Kong will increase to nearly 4,700, and the innovative ecosystem is becoming more and more vibrant.

Professor Sun Dong, the Director of the Innovation and Technology Bureau of Hong Kong, stated on May 7th in the Legislative Council in response to questions from legislators, that in cultivating Hong Kong's science and technology innovation and startups, the Innovation and Technology Bureau (ITB) provides comprehensive support services to startups through the Hong Kong Science Park Corporation and Cyberport, the two flagship incubators of Hong Kong's science and technology innovation. With the River Loop Hong Kong Park set to open later this year, the park company (i.e. the Hong Kong-Shenzhen Innovation and Technology Park Company) will launch an incubation program to provide funding assistance and comprehensive support services to startup teams and companies in the park focusing on life and health technology. It is reported that the Hong Kong Science Park Corporation is dedicated to providing support to aspiring entrepreneurs in the tech industry through various incubation programs, including providing research and development space and facilities, funding, technical and management support, investor matching, mentorship support, marketing and business development support, and more. Similarly, Cyberport also offers financial and professional support to startups at different stages of development through various programs that fulfill public missions, accelerators, and support programs. This year's National Government Work Report strongly supports the development of science and technology innovation and startups at all stages, and has laid out a comprehensive plan to accelerate the growth of emerging and future industries. In order to proactively align with the country's development strategy, promote technological innovation and industrial innovation, the Hong Kong government has been following the top-level design set out in the "Hong Kong Blueprint for Innovation and Technology Development" over the past two years, adopting a multi-pronged strategy to both nurture local science and technology startups and actively attract businesses to set up in Hong Kong, fully leveraging Hong Kong's unique advantages under the principle of "one country, two systems" to seize the historic opportunities brought by the new round of technological innovation and industrial transformation. The ITB and Innovation and Technology Bureau of Hong Kong have implemented numerous policies in recent years to strongly support science and technology startups at various stages of development, including nurturing early-stage startups. For example, the "1+3 Scheme" with a budget of HK$10 billion launched in 2023 aims to fund university research teams with the potential to become successful startups, facilitating the commercialization of their research results. To encourage more venture capital funds to invest in local science and technology startups, the government launched the "Technology Startup Venture Fund" optimization plan at the end of last year, allocating up to HK$1.5 billion to establish joint funds with industry partners to invest in strategic industries' science and technology startups, further increasing financing support for local startups. In addition, the ITB is preparing to launch the "Technology Startup Accelerator Pilot Scheme" to attract professional startup service organizations with rich experience from around the world to establish accelerator bases in Hong Kong to strengthen startups and enhance the science and technology innovation ecosystem. In addition to nurturing local science and technology startups, the ITB is actively assisting mainland Chinese companies in going global and bringing overseas resources into Hong Kong, aiming to play the roles of "super connector" and "super value enhancer" while bringing new opportunities and breakthroughs to the development of Hong Kong's science and technology innovation. As of April 2025, the government, along with other departments of the Hong Kong government, has already conducted discussions with over 200 high-potential or representative enterprises for setting up or expanding their business in Hong Kong. Recently, during a visit to Zhejiang, the Chief Executive of Hong Kong specifically invited tech startups like the "Hangzhou Six Small Dragons" to develop in Hong Kong, encouraging companies to actively expand their overseas business utilizing Hong Kong's advantages. The authorities are further following up on these cooperation opportunities in hopes of making progress soon. We believe that more science and technology startups setting up in Hong Kong will further drive the development of the science and technology innovation ecosystem in Hong Kong, bringing new opportunities for local science and technology development and taking related industries to new heights. The Innovation and Technology Bureau of Hong Kong will continue to strengthen Hong Kong's science and technology innovation ecosystem through the following aspects: first, continuously optimize existing policies and increase support for science and technology startups; second, support more strategic technology industries to set up businesses in Hong Kong; third, communicate with companies through different channels, understand their needs in a timely manner, dynamically adjust relevant policies, and introduce new measures to ensure that our support measures can accurately meet the needs of the industry, accelerating the development of science and technology innovation in Hong Kong.