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Developing HK into a Global I&T Hub

Image Credits: CUHK, Press Release

To unleash the solid scientific research capability of Hong Kong and advance its development of the innovation and technology industry, The Chinese University of Hong Kong (CUHK) and a China-based conglomerate enterprise signed a Cooperation Framework Agreement for establishing a company in Hong Kong, with an investment of HK$ 100 million contributed by each of party in a ratio of 50:50 on 2 August 2021.

The aim is to form a regenerative medicine innovation centre in Hong Kong, offering support to the construction of facilities, and to advance research and development, technology transfer and commercialisation in the fields of regenerative medicine and renewable energy.

The Agreement was signed by the Acting Vice-Chancellor of CUHK, and the Chief Executive Officer of CR Enterprise. The two parties will commence in-depth cooperation on various aspects to develop Hong Kong as an international hub for innovation and technology by fully utilising the scientific research advantages of CUHK and industrial resources from CR Enterprise.

The Agreement also sets out ideas to intensify cooperation in scientific research, investment, and incubation by applying their respective strengths to create a sustainable strategic partnership to the advantage of both, in terms of attracting talented people in science and technology to establish themselves in Hong Kong and creating a world-class platform for cooperation in technology and innovation.

CUHK and the company will concentrate their own talent, capital and industrial resources on facilitating the development of regenerative medicine and renewable energy fields by offering academia and industry infrastructure and supporting services of an international standard to receive greater technological breakthroughs and advanced industrial development in the fields of cell and gene therapy. They will also provide technical and industrial support to promote low-carbon transition.

In the area of regenerative medicine, the company will form a regenerative medicine centre in Hong Kong and build new or expanded Good Manufacturing Practice (GMP) laboratories, production workshops, and related facilities and equipment, to provide academia and industry with infrastructure and supporting services of an international standard. Research resources will be offered for outstanding projects in regenerative medicine, while investment will be made in enterprises with wide market prospects specialising in cell or gene therapies.

In the area of renewable energy, the company will identify, invest in and incubate some promising and novel technologies and products, as well as provide technical and industrial support to the low-carbon transition. A part of the income from the company will be donated to support collaborative projects in relation to humanities by CUHK and CR Enterprise.

The Chief Executive Officer of the conglomerate noted that the partnership with CUHK will address regenerative medicine by making use of the upcoming CUHK world-class GMP laboratory for cell production, and investing capital to develop centres of regenerative medicine and gene therapy in Hong Kong.

They will together identify, incubate and accelerate the translation of potential and original research projects in the field of renewable energy from CUHK with financial and experiential support from the conglomerate.

The Acting Vice-Chancellor of CUHK stated that the 14th Five-Year Plan passed recently has indicated clear support for Hong Kong’s development into an international innovation and technology hub, while the CUHK Strategic Plan 2021-2025 highlights research and innovation as one of the key areas which cover regenerative medicine and renewable energy, to optimise opportunities to generate impactful outcomes across the world.

The two parties’ strategic partnership brings together the institutions’ respective strengths to amplify impact, support local research and develop the city into an international I&T hub, which will ultimately be the high ground for I&T in Asia.

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