Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region – 4

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Biotechnology Investment Forum of BIOHK2026 today (September 10):
 
Professor Yu (Chairman of the Hong Kong Biotechnology Organization and President of BIOHK2026, Professor Albert Yu), distinguished guests, ladies and gentlemen,

It is a pleasure to join you today at BIOHK 2026.

This international gathering brings together several hundred experts and leaders from industry, academia, research, investment and clinical practice to explore the frontiers of biotechnology – from cell and gene therapy and synthetic biology to brain-computer interfaces and longevity science.

Cross-disciplinary in scope and cross-border in outlook, this forum reflects Hong Kong’s energy and vision as an international health and medical innovation hub. Building on last year’s success, this year’s programme features an even stronger line-up of speakers, a broader range of topics and greater opportunities for collaboration. The purpose is clear: to bring innovation from the laboratory into everyday life, and turn scientific breakthroughs into lasting benefits for the society.

Around the world, technological advances are driving a new wave of investment. Artificial intelligence is, of course, attracting enormous attention. But biotech is also gathering strong momentum. Market data indicate that global biotech fundraising reached approximately US$70 billion last year, an increase of more than 10 per cent, while the value of deals approached US$300 billion, which was an all-time high.

The forces underpinning this growth are powerful and enduring. As populations age, helping people live longer and healthier lives have become a pressing priority for advanced economies. At the same time, many developing economies are working to strengthen primary healthcare and disease prevention. Technological progress is opening up new possibilities for addressing these challenges.

Investing in biotech is therefore about more than financial returns. It is a long-term investment with profound mission and meaning.

Beyond the traditional strongholds of Europe and the United States, investors are increasingly looking to China as a source of biotech innovation and opportunity. The Mainland’s vast population and healthcare needs create a market of enormous scale. Its investment in top-notch research, frontier technologies, deep talent pool, and competitive manufacturing capabilities are together fostering a vibrant innovation ecosystem. Home-grown large language models and AI platforms are also accelerating drug discovery and development, improving efficiency and reshaping cost structures.

The direction of capital is becoming clearer. Investors are looking beyond the sector’s broad promise to identify companies with genuinely original innovations, clear clinical value, strong commercialisation capabilities and the potential for global partnerships.

Market data show that last year, out-licensing deals originating from the Chinese Mainland accounted for around one-third of such transactions globally, up from just 5 per cent in 2020. Here in Hong Kong, by the end of August this year, the Hang Seng Biotech Index returned to the positive territory for 2026, rising by around 10 per cent. Some innovative drug developers and pharmaceutical R&D (research and development) service providers have recorded much stronger gains.

For investors, the question is how to leverage this wave of innovation and capture its growth. For innovators, it is how to take their discoveries to market, and then to the world.

Hong Kong stands ready to be the partner of choice to both – connecting global capital with Chinese innovation, and scientific breakthroughs with commercial application, in pursuit of a better and healthier world. 

Let me begin with capital.

As Asia’s premier financial centre, Hong Kong is the world’s second-largest biotech fund-raising platform. Up till now, close to 300 healthcare companies were listed on the Hong Kong Stock Exchange, with a combined market capitalisation exceeding US$480 billion. Of these companies, around 100 have listed since we introduced Chapter 18A to our Listing Rules in 2018 to facilitate listings by pre-revenue biotech and pharmaceutical companies.

Over the past decade, the healthcare sector’s share of overall market turnover has more than doubled, while its trading volume has grown more than sixfold.

A Hong Kong listing connects emerging pharmaceutical companies with global capital and, at the same time, enables international investors to allocate capital to Chinese innovation. 

Our financing ecosystem extends well beyond public markets. Hong Kong’s private equity and venture capital manages assets amounting to US$250 billion – second only to the Chinese Mainland in Asia.

We also provide strong support to innovation at its earliest stages by channelling patient and long-term capital needed to advance cutting-edge biomedical research, including the use of AI in drug discovery and molecular design.

The Hong Kong Investment Corporation Limited (HKIC), our flagship vehicle for patient capital, has so far allocated 22 per cent of its funds to the biotech sector. But its contribution goes beyond funding. The HKIC is building an ecosystem in which portfolio companies collaborate, draw on one another’s strengths and find new opportunities overseas.

Next, let me turn to research outcome translation and industry.

The Guangdong-Hong Kong-Macao Greater Bay Area is rapidly emerging as a leading centre for biomedical innovation.

Hong Kong’s two medical schools both rank among the world’s top 40. We are building a third one with particular emphasis on clinical research in the Northern Metropolis where incoming health-related strategic enterprises will be based. Their strengths are the combination of talent and research excellence, technological innovation and industry development. 

The Mainland cities of the Greater Bay Area complement these strengths with a market of more than 80 million people, advanced manufacturing capabilities and comprehensive industrial supply chains.

Together, we are deepening collaboration in clinical research and drug approval, with the cross-boundary flow of data, biosamples and other elements essential to innovation.

The Hetao Co-operation Zone and the San Tin Technopole have a particularly important role to play. 

For companies establishing a presence there, the advantages are compelling. They can tap into both international and Mainland’s R&D resources to develop products fitting for both markets. 

It is no coincidence that five of the world’s top 10 pharmaceutical companies have already chosen Hong Kong as their regional R&D base.

Finally, let me speak about talent.

Hong Kong is open to talent from around the world. We welcome outstanding scientists, skilled professionals and visionary entrepreneurs who are able to turn bold ideas into practical solutions.

We are home to many world-class medical academics, and in recent years our universities have attracted more – among them Nobel laureates and leading authorities in stem cell research and genetics. This growing concentration of expertise will strengthen our capabilities at every stage – from interdisciplinary basic research to clinical translation and medical innovation.

The convergence of capital, talent, enterprises and industry creates powerful opportunities for the biotech sector. Hong Kong is determined to bring these strengths together and become an international hub for health and medical innovation.

Ladies and gentlemen, as we consider the opportunities ahead, we must never lose sight of why innovation matters.

Its ultimate purpose is to help people live not only longer, but also healthier and happier lives with dignity. It is to make medicines and medical devices more affordable, quality healthcare more accessible, and the burden of disease lighter – for individuals, families and the society as a whole.

For the investors and innovators in this room, none of this comes at the expense of commercial success. Addressing unmet healthcare needs is precisely what opens larger markets and creates lasting value. Scientific progress, social benefit and sustainable returns can – and should – advance together.

Hong Kong is ready to help bring that vision to life. We look forward to working with all of you to turn discovery into better care, and innovation into a healthier future for humanity.

I wish BIOHK 2026 every success, and all our guests fruitful discussions, rewarding partnerships and the very best of health.

Thank you very much.

Source: Hong Kong Government special administrative region – 4

The Government today (September 10) announced the reappointments of Mr Anthony Chan Yin-chung, Mr Sam Lin Ching-sum and Ms Rainie Pan Hailin as members of the Steering Committee on Construction Innovation and Technology Fund (CITF) for a new term until December 31, 2028. 

The Government set up the CITF in 2018 to boost the capacities of enterprises and practitioners in the construction industry in adopting new technology, and to support the industry in applying innovative technology. This year, the Government has further injected $1 billion into the CITF, which, together with a $0.4 billion contribution from the Construction Industry Council, makes up a total of $1.4 billion to continue driving wider adoption of innovative construction methods and new technologies in the construction industry, especially by small and medium enterprises.

The Steering Committee, comprising members of various sectors in the industry, advises the Government on the implementation of the CITF. The full membership of the Steering Committee is as follows:

Chairperson
——————
Permanent Secretary for Development (Works)

Members 
——————
Mr Chan Che-bun
Mr Anthony Chan Yin-chung
Mr Kenneth Cheung Tat-fai
Ms Rachel Chow Ka-wing
Mr Alex Kwan King-fai
Mr Kwok Yim
Mr John Kwong Ka-sing
Dr Barry Lee Chi-hong
Mr Dick Li Tak-hong
Mr Sam Lin Ching-sum
Ms Rainie Pan Hailin
Mr Ringo Shea Tat-chi
Mr Gilman Wan Tsz-kin
Chairperson of the Management Committee on CITF
Executive Director of the Construction Industry Council
Director of Buildings 
Deputy Director of Housing (Development and Construction)

Secretary
——————
Principal Assistant Secretary (Works) 1, Development Bureau

Source: Hong Kong Government special administrative region – 4

A male owner of a wedding decoration company was sentenced to 240 hours of community service today (September 10) after his conviction for engaging in wrongly accepting payments in the sale of services, in contravention of the Trade Descriptions Ordinance (TDO), on July 31 at the Kowloon City Magistrates’ Courts. The male owner was also ordered by the court to make compensation of about $45,000 to the victims of the case.
 
Hong Kong Customs earlier received numerous reports alleging that a wedding decoration company in San Po Kong suddenly suspended its business in May 2025, failing to provide prepaid wedding decoration services purchased by customers and to arrange refunds.
 
After an investigation, Customs found that the company involved had been experiencing financial difficulties. Nevertheless, while the company was about to cease business, the male owner continued to accept payments for prepaid wedding decoration services from customers and ultimately failed to provide the services.
 
Customs reminds traders to comply with the requirements of the TDO. Consumers are also reminded to procure services at reputable shops and think prudently before making decisions on consumption with prepayment.

Under the TDO, any trader commits an offence if, at the time of acceptance of payment, the trader intends not to supply the product or intends to supply a materially different product, or there are no reasonable grounds for believing that the trader will be able to supply the product within a specified or reasonable period. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: Hong Kong Information Services

The Government today announced that a joint recruitment exercise for graduate grade civil servants will be held from September 12 to October 2.

The exercise aims to fill various positions across six grades, comprising 40 Administrative Officers (AOs), 100 Executive Officers II, 10 Assistant Information Officers (General), four Assistant Trade Officers II, 14 Management Services Officers II and 11 Transport Officers II.

Permanent residents of the Hong Kong Special Administrative Region who meet the entry requirements are eligible to apply. The recruitment is also open to university students who are pursuing a bachelor’s degree or equivalent and are graduating in either the 2026-27 or 2027-28 academic year.

Further details regarding the joint recruitment exercise, alongside the online application system, will be accessible on the Civil Service Bureau’s (CSB) website from this Saturday. Information specifically concerning the AO vacancies will also be provided on a dedicated website.

Applicants seeking appointment to any of the six posts must take the Basic Law & National Security Law Test and secure a pass result in order to be considered for appointment.

All applications must be submitted online via the CSB website. Candidates are advised to check the webpage regularly for the latest updates on examination arrangements.

Source: Hong Kong Information Services

The Government today announced the establishment of the “Steering Committee on the Hong Kong Intellectual Property Academy Pilot Programme”, along with the appointments of a Chairman, Vice-Chairman and members to the committee.

The appointments, on two-year terms, will take effect on October 1.

As outlined in the 2026-27 Budget, the Intellectual Property Department and the Vocational Training Council are collaborating to establish the Hong Kong Intellectual Property Academy. The academy is scheduled to officially open in the fourth quarter of this year.

By providing more systematic and recognised on-the-job intellectual property (IP) training programmes for a wider workforce, the Academy aims to expand Hong Kong’s IP talent pool and accelerate its development as a regional IP trading centre.

The Commerce & Economic Development Bureau highlighted that talent is crucial to the sustained growth of Hong Kong’s IP ecosystem. By bringing together the expertise of government representatives, industry stakeholders and cross-sector professionals, the newly formed committee will advise on the pilot programme’s development and implementation, ensuring that its training directly addresses industry needs.