November 30, 2023

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HKSTP Revolutionising Biomedical Tech

Image Credits: HKSTP, Press Release

A biotechnology partner company under the Hong Kong Science and Technology Parks Corporation (HKSTP) has secured a significant equity investment from the Innovation and Technology Venture Fund which operates under a Shanghai-based insurance firm.

In addition, the partner company has established a strategic partnership with the insurance firm’s Shenzhen Branch. This collaboration serves as a testament to Hong Kong’s rapid development as a thriving hub for biomedical technology.

The partner company successfully obtained a significant strategic equity investment from an insurance firm’s HK I&T Fund. This funding infusion will greatly propel the partner company’s innovative product pipelines and facilitate the expansion of their commercial capabilities.

The investment reflects the insurance firm’s dedication to fostering the growth of innovation and technology in the Guangdong-Hong Kong-Macao Greater Bay Area, while also aligning with the “Health China 2030” strategy aimed at enhancing the well-being of the populace.

At the same time, the biotech firm forged a strategic alliance with the firm’s General Insurance branch to collaboratively create health service products. This partnership introduced a novel “service + insurance” approach, resulting in the launch of a health service plan.

By integrating cutting-edge technology, insurance coverage, medical services, and health management, this plan aims to deliver comprehensive, efficient, and advanced healthcare services for the betterment of the community. It also contributes to the progress of the Guangdong-Hong Kong-Macao Greater Bay Area.

The biotech company, headquartered in Hong Kong Science Park, is a rapidly developing biotechnology company. It specialises in the advancement and commercialization of liquid biopsy products used for cancer screening, precise diagnosis, and disease monitoring.

Supported by HKSTP’s Incu-Bio program, the partner company benefits from access to laboratory facilities, business support, investment opportunities, and financial assistance. This program enables biotech startups to transform their innovative concepts into market-ready products.

The biotech partner company has assembled a highly skilled research and development team with expertise from renowned international biomedical institutions such as City University of Hong Kong, Tsinghua University, University of Edinburgh, University of Copenhagen, and Baylor College of Medicine.

The biotech company is dedicated to the development of products and services focused on early cancer screening, precision diagnosis, and disease monitoring. The company has obtained market approval from the National Medical Products Administration (NMPA) for its first-generation circulating tumour cell (CTC) sorting instrument and digital PCR instrument.

Additionally, it operates an accredited medical laboratory in Shenzhen, providing a self-developed CTC single-cell sequencing service.

The firm’s HK I&T Fund was created by an overseas investment platform affiliated with a Chinese insurance conglomerate. It primarily focuses on investing in projects related to medical, health, elderly care, and related technologies.

Operating from its base in Hong Kong, the fund actively seeks high-quality equity projects with long-term investment potential, in line with the objectives of the “Health China 2023” national strategy.

Furthermore, it actively explores investment opportunities within the Guangdong-Hong Kong-Macao Greater Bay Area.

This collaboration between HKSTP’s biotech partner and the insurance firm showcases the remarkable progress of Hong Kong as a thriving biomedical technology hub. With strategic investments and innovative health service offerings, the partnership is revolutionising the industry and contributing to the advancement of the Guangdong-Hong Kong-Macao Greater Bay Area.

This success story underscores the power of technology-driven collaborations in driving positive change in healthcare and positioning Hong Kong at the forefront of biomedical advancements.


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