Chen Maobo: The accelerating technological change is reshaping the underlying logic of global investment.

On June 12th, Hong Kong Financial Secretary Paul Chan Mo-po stated in his speech at the 9th Caixin Summer Summit that the accelerating pace of technological change is reshaping the underlying logic of global investment. China has the world's largest and most comprehensive manufacturing base, the most complete electronic supply chain, and the largest and most stable power supply, providing a solid infrastructure support for AI development. These conditions mean that China is not only a technology consumer, but also a technology producer and participant in setting standards. For global investors, understanding China's role in this round of technological innovation has become a necessary dimension of asset allocation. Paul Chan Mo-po pointed out that Hong Kong's exports grew by over 15% last year, and the growth rate further increased to about 35% in the first four months of this year, with a significant proportion coming from artificial intelligence and telecommunications equipment. Behind these figures is a deeper story: the global reliance on advanced manufacturing and intelligent devices, coupled with the upgrading of the supply chain in mainland China, is forming a new trade cycle. As a node for goods circulation between mainland China and international markets, Hong Kong's role is not only a result of policy, but also a choice of the market. He continued by mentioning that in recent years, several leading artificial intelligence companies from mainland China have chosen to list in Hong Kong, with cornerstone investors including funds from Europe, the Middle East, and Asia Pacific. These companies have continued to attract both domestic and international capital after listing, reflecting not only the quality of individual companies, but also a systemic reassessment of international capital on the prospects of Chinese technology. Against the backdrop of diversified global asset allocation, Hong Kong provides a unique observation window: it allows international investors to access Chinese technology innovation and Chinese technology companies to access global capital. This is not a choice between "stability" and "explosiveness", but a convergence of both. Furthermore, several leading artificial intelligence companies from mainland China, especially those in frontier areas such as embodied intelligence, are establishing their research and development, demonstration, and regional headquarters functions in Hong Kong. What they value are the capabilities of connecting with international R&D networks in Hong Kong, the bilingual and multicultural application scenarios, and the international visibility as a platform for product and technology demonstrations. Based on these market signals, the Hong Kong government has proposed a strategy framework of "Financial +" and "AI +" in this year's budget. The concept of "Financial +" is about leveraging finance to empower. Long-term and effective financial support is needed for technological innovation, and Hong Kong's function lies in providing international sources of funding and a complete fundraising chain. As for "AI+", the key is to leverage Hong Kong's advantages to develop artificial intelligence and empower different industries. Paul Chan Mo-po mentioned that the Hong Kong government is strengthening two aspects. The first is patient capital. Emerging and future industries have high risks and long cycles, requiring long-term investors willing to share risks. As the flagship of government patient capital, the Hong Kong Investment Management Limited has supported the development and application of innovative technology by attracting 8 Hong Kong dollars of international long-term capital for every 1 Hong Kong dollar invested. The second aspect is the technology service industry. Growing technology companies need comprehensive support such as supply chain management, financial and risk management, and international headquarters layout, in addition to technology. The launch of the Hong Kong Enterprise Financing Centre Development Action Plan this week is a step towards completing this puzzle. Paul Chan Mo-po emphasized that for the next stage of development in Hong Kong, the mutual empowerment of finance and technology will inevitably be one of the focal points. The Hong Kong government will commence public consultation on Hong Kong's first five-year plan next week. This plan carries the genes of openness and collaboration, and is expected to gather wisdom from all parties to jointly design the roadmap for Hong Kong's future development with the market. As the wave of global innovation continues to advance, Hong Kong is committed to becoming a place where ideas can take root, resources can flow, and talents can thrive, with a stable system, an open market, and continuous investment in innovation.