Hong Kong committed to nurturing sci-tech innovation: financial secretary

HONG KONG, Jan. 4 (Xinhua) -- Hong Kong will redouble efforts to foster an ecosystem of sci-tech innovation and industrial development, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday.

The benchmark Hang Seng Index rose 2.8 percent on Jan. 2, logging the biggest first-day gains since 2013, Chan noted in his blog post, adding that the Hang Seng Tech Index hiked 4 percent as investors devour artificial intelligence (AI) stocks.

Chan expects more sci-tech companies to apply for Initial Public Offerings (IPOs) in Hong Kong to continue a streak of over 400 IPOs from companies in emerging sectors whose market capitalization account for around 30 percent of the Hong Kong bourse by the end of 2025.

The HKSAR government welcomes companies to set up research and development centers, advanced manufacturing facilities, as well as regional or global headquarters in Hong Kong, said Chan.

Among efforts to spur sci-tech innovation, Chan emphasized the launch of incubators as a result of collaborations between the HKSAR and Chinese mainland partners like Jiangsu Province, Beijing and Shenzhen.

Over 60 companies from home and abroad have settled in the Hong Kong-Shenzhen Innovation and Technology Park, most of which engage in AI or life and health technology, noted Chan.