First Public-Private Partnership for I&T in Hong Kong: HKSTP to Co-Invest in Tech Ventures and Drive Global Success

(Hong Kong, 7 Apr 2025 ) — Hong Kong Science and Technology Parks Corporation (HKSTP) today officially launched the HKSTP Co-Acceleration Programme, Hong Kong’s first-ever Public-Private Partnership (PPP) in innovation and technology (I&T), a private fund (the ‘Fund’) that is managed by a Hong Kong statutory body, a HKSTP subsidiary which is licensed with the Securities and Futures Commission (SFC) to act as an Investment Manager of a Hong Kong Limited Partnership Fund (HKLPF).

Focusing on three high-demand global sectors — Generative AI, Intelligent Connected Systems, and Sustainability—the Fund sets off on a mission to co-invest with visionary partners in high-potential acceleration-stage startups from Hong Kong, enabling them to scale into global leaders and unicorns. This milestone further cements HKSTP’s position as a leading I&T powerhouse, accelerating innovation and driving global impact.

Mr Paul Chan, Financial Secretary of HKSAR Government officiated the launch ceremony.

Uniting Industry Leaders to Invest in Startups and Power Innovation

The first batch of four investing firms and enterprise partners were revealed at the partnership signing ceremony, including Cathay Technologies, Fook Man Development Company Limited, Hangzhou Industrial Investment Group, and Zhejiang Communication Investment Group. Representatives from these four parties signed the strategic partnership agreements with Mr Albert Wong, CEO of HKSTP. The signing ceremony was witnessed by Mr Paul Chan and Dr Sunny Chai, Chairman of HKSTP. These leaders will bring in industry insights, funding opportunities, and localisation expertise to bridge public missions with private-sector returns. In addition, over 100 startups from the mainland China will be referred to the HKSTP’s thriving ecosystem, providing them opportunities for global expansion and at the same time, enabling local startups to tap into the mainland market.

Dr Sunny Chai, Chairman of HKSTP, said: “The fund for the HKSTP Co-Acceleration Programme is a game-changing milestone in Hong Kong’s I&T landscape, and we are excited to welcome our new strategic partners. By bringing these significant partners into our ecosystem, HKSTP is expanding its influence by blending capital, business expertise, and global market access. This public-private fund will propel Hong Kong’s most promising innovators onto the global stage, driving breakthroughs across key industries and reinforcing our city’s status as an international leading I&T hub.”

Cathay Director Digital and IT Mr Lawrence Fong said: “We're thrilled to collaborate with HKSTP on this landmark fund designed to empower budding start-ups in Hong Kong and the rest of the Greater Bay Area. I believe that this partnership will cultivate a vibrant innovation & technology ecosystem in the region, bringing leading technologists, entrepreneurs, and corporate partners together, further enhancing Cathay's digital leadership. Our strategic partnership with HKSTP also underscores Cathay’s continued support for the Hong Kong SAR Government in advancing technological innovation to spur our city’s economic growth and development”

Mr Wencheng Tang, Executive Director, Fook Man Development Company Limited, said: “We are honoured to join the ‘HKSTP Co-Acceleration Programme’. Through this collaboration, we aim to forge a long-term partnership and jointly advance the growth of the I&T industry across the Greater Bay Area. As a subsidiary of Dongguan Communications Investment Group, Fook Man Development hopes to leverage this opportunity to strengthen exchanges between Dongguan and the HKSAR, provide more opportunities and resources for HKSAR partners seeking support for development in the mainland, and inject stronger momentum into our industrial upgrading.”

Mr Li Qiu, Investment and Operation Director, Hangzhou Innovation Incubation Center (Hong Kong) Limited, said: “Last year, the Hangzhou Innovation Incubation Center became the first mainland city-level technology incubation center to land in Hong Kong Science Park, providing venue support and resource-matching services for Hangzhou-based I&T companies expanding into Hong Kong and overseas projects setting up in the city. To date, we have connected with over 50 prospective enterprises and are actively building a government-academia-industry resource synergy network. We will proactively engage with Hong Kong’s diverse funding initiatives to empower I&T development and contribute to establishing a Hangzhou-Hong Kong collaborative I&T innovation hub.”

Mr Dehua Wang, General Manager, Zhejiang Communications Investment Group (HK) Company Limited, said: “The Group is committed to leveraging technological innovation as the core engine driving the upgrade and transformation of enterprises, utilising HKSTP’s globalised I&T resources and its integrated incubation and acceleration ecosystem. We focus on identifying high-growth tech companies with strong alignment to industries such as transportation infrastructure, smart construction, new energy, new materials and low-altitude economy. Through our ‘fund investment plus empowering industry’ model, we provide funding, application scenarios, and operational support to enable outstanding Hong Kong projects to establish a foothold in Zhejiang Province and expand nationwide"

Unveiling the “ARENA” to Drive Deals and Collaboration

On the sidelines of the event, HKSTP unveiled the new “ARENA”, a top-notch platform showcasing 23 cherry-picked startups. Designed as a permanent, high-visibility platform for startups, it provides direct access to over 1,000 investors and corporate partners within HKSTP’s ecosystem. The ARENA is segmented into five key zones: Artificial Intelligence, Digital Transformation, Sustainable Materials & Technology, Advanced Electronics & Robotics, and Life & Health. It is the place where pivotal collaborations and investment deals happen, empowering HKSTP startups to transform ideas into real business ventures and scale up.

Disclaimer

The Fund has not been authorized by the SFC under section 104 of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (the “SFO”). The information in this document is solely for informational and discussion purposes only. Nothing in this document shall constitute, or be construed as constituting, any of the following:

• Investment, legal, financial, accounting, tax or other advice;
• An advertisement, offer, solicitation, invitation or recommendation to sell or purchase any securities in Hong Kong or elsewhere;
• An arrangement of securities, stocks or any financial instruments in Hong Kong or elsewhere;
• An offer to provide any investment or financial services in Hong Kong or elsewhere; or
• A direct or indirect provision of investment management services to you by HKSTP Co Acceleration Management Limited.

Nothing in this document shall be construed as (i) Hong Kong Science and Technology Parks Corporation (or any of its subsidiaries except for HKSTP Co Acceleration Management Limited), or any of the event speakers mentioned in this document, having a license or being authorized to carry out any regulated activity(ies) or regulated function(s) in Hong Kong; or (ii) Hong Kong Science and Technology Parks Corporation (or any of its subsidiaries except for HKSTP Co Acceleration Management Limited), or any of the event speakers mentioned in this document, holding itself/himself out as being licensed or authorized to perform any regulated activity(ies) or regulated function(s).

Nothing in this document shall be construed as (i) HKSTP Co Acceleration Management Limited having a license or being authorized to carry out any regulated activity(ies) or regulated function(s) in Hong Kong that it is not licensed or authorized to perform under the SFO; or (ii) a HKSTP Co Acceleration Management Limited holding itself out as being licensed or authorized to perform any regulated activity(ies) or regulated function(s) for which it is not so licensed or authorized in Hong Kong to perform under the SFO.