HK close to unveiling new batch of strategic firms

A seventh batch of strategic enterprises setting up shop in Hong Kong is set to be unveiled as early as September. The announcement by the Office for Attracting Strategic Enterprises is set to mark a rapid acceleration of Hong Kong’s push to cement its status as a global innovation and technology hub, executive director Bryan Peng said. The upcoming batch will build on the momentum of the sixth batch, which was announced in April and brought 22 enterprises to Hong Kong. Across all six batches combined, the 124 strategic enterprises are expected to generate HK$73 billion in investment and create some 25,000 jobs. Peng told RTHK that these figures – while impressive – only scratch the surface of what Oases is trying to achieve. "Oases is focused [on things beyond] those figures," Peng said, explaining that the office works to ensure that these companies align with government policies and make a positive impact on Hong Kong. Oases, Peng added, focuses on a few core sectors: life and health technology, AI and data science, advanced manufacturing, new energy, fintech, creative and cultural technology and aerospace. The office actively courts both mature and listed companies, as well as fast-growing tech firms, particularly in AI and fintech, he said. When evaluating potential candidates, Peng said, the key question is not just how much a company will invest but also whether it can bring unique technology or an entire value chain to Hong Kong. "That’s what we call the head of the train, how they can create synergy to support the upstream and downstream value chain to Hong Kong." Peng also highlighted Hong Kong’s unique geographic and economic position as part of the Greater Bay Area, home to the world’s most comprehensive manufacturing supply chain. "Hong Kong is a financial centre, no doubt. But we are also just minutes away from the world factory. Basically, you can get everything under the supply chain in the Greater Bay Area." This ecosystem, Peng said, gives Hong Kong a competitive edge that no other financial hub can replicate. "We have the world financial centre, we have the world's supply chain, and we have the world's number one innovation and technology development," he said. "All these elements will make Hong Kong very special to attract companies...from the mainland to make use of Hong Kong and the Greater Bay Area to go overseas." One such enterprise is MiniMax Hong Kong, an artificial intelligence technology company that listed in the SAR this year. Its vice president, Yan Yijun, said the company hopes to use Hong Kong to drive its global business expansion. “Overseas companies tend to prefer combining and partnering with mainland companies in Hong Kong, because this approach is more likely to meet the relevant requirements and regulations of different countries,” he said. Yan added that the company aims to cooperate with local universities and institutions to attract talent to participate in AI model research and development. Edited by Aaron Tam