CityU HK Tech 300 co-organises a thematic round-table discussion with Deloitte China on “New opportunities for Innovation and Technology Enterprises – How to Identify Opportunities in Hong Kong’s Capital Market”

City University of Hong Kong (CityU) HK Tech 300 and Deloitte China held a thematic round-table discussion on “New opportunities for Innovation and Technology Enterprises – How to Identify Opportunities in Hong Kong’s Capital Market” on 10 November 2022. In the discussion, industry experts and government representatives exchanged views on issues such as the development and financing of innovation and technology enterprises, and discussed the prospective establishment of Hong Kong Investment Corporation Limited (HKIC) by the government, and the newly proposed Chapter 18C (referred to as 18C) of Hong Kong’s listing regime, as proposed by the Hong Kong Stock Exchange. CityU also signed a Memorandum of Understanding with Deloitte China on the same day to jointly support the development of HK Tech 300 start-ups.

The new Policy Address announced a number of policies to support innovation and technology enterprises with investment opportunities. While the government will soon promulgate the Hong Kong Innovation and Technology Development Blueprint, Ms Lillian Cheong Man-lei, Under Secretary for Innovation, Technology and Industry, elaborated the coming major plans in her keynote speech. “To promote the development of innovation and technology (I&T) in Hong Kong, apart from consolidating and strengthening our research and development edge, we must promote the commercialisation of our technological outcomes. This can create more concrete development opportunities for the community and inject fresh impetus to our economy. We will make full use of Hong Kong's unique advantages to pool together global innovative resources to attract talent and enterprises, and will also strive at the same time to build Hong Kong into an international I&T hub through a joint venture with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area,” she said.

Dr Hon Wendy Hong Wen, Legislative Council Member (Election Committee), delivered a keynote speech on new directions and opportunities for innovation and technology enterprises in Hong Kong. She analysed the role of the HKIC in supporting Hong Kong to be proactive in competing for talent and enterprises, as well as promoting the structural transformation of the Hong Kong economy.

Ms Winnie Han, Head of China Issuer Services and Senior Vice President of Global Issuer Services of HKEX, introduced in detail how the proposed new Chapter 18C rules, which are under consultation, might facilitate the listing of advanced technology companies that could not meet the existing profit, revenue or cash flow requirements of HKEX’s listing rules. Hon Duncan Chiu, Legislative Council Member (Technology and Innovation), then discussed with panel guests to explore new opportunities for I&T enterprises in the Hong Kong capital market.

Professor Michael Yang Mengsu, CityU’s Vice-President (Research and Technology) and Chairman of the HK Tech 300 Executive Committee, said in his speech, “CityU has been collaborating with business stakeholders in a number of ways. CityU launched the HK Tech 300 programme with its own funding of HK$500 million to help young start-up teams transform their research findings into innovation and technology products and services, which has won wide support and an overwhelming response from society.” He said he hoped that the government would instil an innovative mindset in formulating the funding assessment and allocation mechanism of the upcoming HK$10 billion “Research, Academic and Industry Sectors One-plus Scheme” to truly promote the transformation of scientific research and innovation entrepreneurship in Hong Kong.

“Innovation and Technology (I&T) is the core pillar to provide sustainable economic development and the proposed listing regime for specialist technology companies also allows technology companies of all kinds to penetrate into this international market with depth, breadth and liquidity. Deloitte shares the same aspiration with CityU’s HK Tech 300, helping to build Hong Kong’s I&T ecosystem, cultivating talents with diverse and future-ready capabilities, and shaping Hong Kong to an international I&T centre. As part of Deloitte’s INspire HK strategy, this collaboration with CityU marks our deep commitment to cultivating Hong Kong’s future I&T talents. We look forward to supporting more academic-business exchanges and collaborations,” said Mr Edward Au, Southern China Region Managing Partner of Deloitte China.

Mr Robert Lui, Southern Region and Hong Kong Offering Services Leader of Capital Market Services Group at Deloitte China noted that the ratio of new economy IPOs in Hong Kong’s initial public offering market continued to rise following the largest listing regime reform introduced by the Stock Exchange of Hong Kong in April 2018. He is confident that these reforms including the most recent listing regime for special purpose acquisition companies and proposed listing regime for specialist technology companies can help bolster Hong Kong’s position as the international financial centre. The city has the capabilities to become a fundraising centre for I&T businesses in the world and the Greater Bay Area.

About City University of Hong Kong and HK Tech 300

As one of the fastest-growing universities in the world over the last decade, CityU is recognised as a hub for innovation in research and professional education. Our world-class faculty champion the integration of teaching and research and consistently excel across many key international indicators for research excellence. Focusing on our core mission, we are committed to promoting knowledge and contributing to society through outstanding teaching and research.

Under the theme “Venture Beyond Boundaries”, HK Tech 300 is a large-scale flagship innovation and entrepreneurship programme launched by CityU for aspiring entrepreneurs among CityU students, alumni, research staff and others to establish start-ups and ignite their entrepreneurship journey. With an allocation of HK$500 million, the programme offers comprehensive support for entrepreneurship training, a seed fund, an angel fund, co-working space, and networking opportunities in the industrial and commercial communities.

HK Tech 300 aims provide educational and growth opportunities for young entrepreneurs and translating CityU research results and intellectual property into practical applications. Since its launch in March 2021, over 1,100 people have participated in entrepreneurship training, more than 360 teams have each been awarded a seed fund of HK$100,000, and over 70 start-ups have been selected to receive angel fund investment of up to $1 million each to develop and validate their business models. Over 100 experienced industrialists and successful entrepreneurs have accepted our invitation to serve as mentors. For more information about HK Tech 300, see www.cityu.edu.hk/hktech300 .

(from left) Mr Paul Chau, Head of Investment Banking & Global Capital Markets, Ping An of China Capital (Hong Kong) Co. Limited; Ms Iris Leung, Partner, Hong Kong Office of K&L Gates; Ms Winnie Han, Head of China Issuer Services and Senior Vice President of Global Issuer Services of HKEX; Mr Edward Au, Southern China Region Managing Partner of Deloitte China; Ms Yang Mengyang, Executive Director and Head of Hong Kong PE Business, CICC Capital Management Department, CICC; Dr Hon Wendy Hong Wen, Legislative Council Member (Election Committee); Professor Michael Yang, Vice-President (Research & Technology), CityU; Ms Lillian Cheong Man-lei, Under Secretary for Innovation, Technology and Industry; Mr Raymond Wong, Head of Investment, Hong Kong Science and Technology Parks Corporation (HKSTP); Mr Lap Man, Founding Partner, Beyond Ventures; Hon Duncan Chiu, Legislative Council Member (Technology and Innovation); and Mr Robert Lui, Southern Region and Hong Kong Offering Services Leader of Capital Market Services Group, Deloitte China.

Welcoming speech by Professor Michael Yang, Vice-President (Research & Technology), CityU.

Speech by Ms Lillian Cheong Man-lei, Under Secretary for Innovation, Technology and Industry.

Speech by Dr Hon Wendy Hong Wen, Legislative Council Member (Election Committee).

(from left) Dr Hon Wendy Hong Wen, Legislative Council Member (Election Committee); Ms Lillian Cheong Man-lei, Under Secretary for Innovation, Technology and Industry; Mr Raymond Wong, from HKSTP; and Mr Lap Man from Beyond Ventures participated in the round-table discussion.

Ms Winnie Han, Head of China Issuer Services and Senior Vice President of Global Issuer Services of HKEX.

Hon Duncan Chiu, Legislative Council Member (Technology and Innovation); Mr Paul Chau, Head of Investment Banking & Global Capital Markets, Ping An of China Capital (Hong Kong) Co. Limited; Ms Winnie Han, Head of China Issuer Services and Senior Vice President of Global Issuer Services of HKEX; Mr Robert Lui, Southern Region and Hong Kong Offering Services Leader of Capital Market Services Group at Deloitte China; and Ms Iris Leung, Partner, Hong Kong Office of K&L Gates participated in the round-table discussion explore new opportunities for I&T enterprises in the Hong Kong capital market.

Speech by Mr Edward Au, Southern China Region Managing Partner of Deloitte China.

CityU signed a Memorandum of Understanding with Deloitte China on the same day to jointly support the development of HK Tech 300 start-ups. Front row, from left: Professor Michael Yang, Vice-President (Research & Technology), CityU, and Mr Edward Au, Southern China Region Managing Partner of Deloitte China; back row, from left: Professor Johnny Ho, Director of Knowledge Transfer Office, Dr Laura Lo, Associate Vice-President (Mainland Affairs & Entrepreneurship) from CityU, and Mr Robert Lui, Southern Region and Hong Kong Offering Services Leader of Capital Market Services Group, and Mr Adrian To, Senior Manager of Managing Partner Office from Deloitte China.