CUHK Innovation Ltd, a subsidiary of the Chinese University of Hong Kong (CUHK), has signed a Memorandum of Understanding (MoU) with a China-based investor to promote the commercialisation of innovative research and development achievements by CUHK’s spin-off companies. This collaboration aims to support the growth of Hong Kong as a global innovation and technology hub.
The Chairman of the Board of CUHK Innovation Ltd, and the Founding and Managing Partner of the investment firm signed the MoU. This partnership will work to provide case-by-case support to spin-offs related to CUHK, promoting their growth and development.
Under the agreement, CUHK Innovation Ltd will showcase CUHK’s research achievements to its investor partners for investment opportunities, including the Startuphk Fund. The Startuphk Fund, which is being established by the investment firm with a target size of HK$600 million, will invest in technology-related companies in Hong Kong, thereby enhancing their commercialisation prospects.
The CUHK Pro-Vice-Chancellor (Research) stated that among the key areas of CUHK’s 2025 strategic plan is research and innovation. In the 2023-24 Budget, the promotion of the translation of research and technology industries was highlighted by the HKSAR Government, and more funds and resources will be invested.
Efforts will continue to be made by CUHK to jointly build an innovation and entrepreneurship ecosystem with public and private organisations, facilitating the development of Hong Kong as an international innovation and technology hub.
Meanwhile, the Founding and Managing Partner of the investment firm stated that as the world gradually recovers from the COVID-19 pandemic, new opportunities for innovation and technology development in Hong Kong have emerged. Recently, the Hong Kong government announced the “Hong Kong Innovation and Technology Development Blueprint,” which aims to establish Hong Kong as an international innovation and technology center.
In response to the national strategic plan of the “Guangdong-Hong Kong-Macao Greater Bay Area (GBA),” the investment firm is making efforts to promote the integration of science and innovation in the GBA and assist Hong Kong youths in starting businesses in the Bay Area.
Partnerships are being forged to foster more technology-oriented start-ups from CUHK, enhance the commercialisation of research outputs, and contribute positively to the development of GBA.
Recently, the HKSAR Government rolled out the 2023-24 Budget. To promote scientific research, the Government will allocate HK$6 billion to offer subsidies to universities and research institutes to establish thematic research centers that support the transformation of research and development (R&D) outcomes and R&D activities related to life and health technology.
Additionally, HK$3 billion will be earmarked to further enhance basic research in frontier technology fields such as AI and quantum technology. These measures aim to strengthen Hong Kong’s scientific research capabilities and develop it into a powerhouse in biomedicine, as well as an international innovation and technology hub.
CUHK welcomed the initiatives and measures to promote innovation and technology (I&T) development and talent cultivation proposed in the 2023-24 Budget Speech.
The Vice-Chancellor and President of CUHK stated that the University supprted the move to promote cooperation between the research, academic and industrial sectors, which will boost I&T development in Hong Kong.
Research and innovation are key areas of CUHK’s Strategic Plan 2021-2025 and the University will continue supporting its scholars and recruit more international talent through different programmes, in order to contribute to Hong Kong, the nation and the world with advances in science and technology.
