“Their presence here will create an important momentum and help to attract a wealth of partners and related companies to Hong Kong. In turn, they will bolster our fast-rising innovation and technology sector,” Lee told the ceremony at government headquarters.

“I have confidence that they will continue to thrive here in Hong Kong. And as we all know, Hong Kong is the only city in the world that converges both the China advantage and the global advantage under the ‘one country, two systems’ [governing] principle.

“Hong Kong serves as a superconnector and super value-adder for international companies eager to enter the Chinese market and for mainland Chinese companies willing to expand their global presence.”

10 technology firms to establish base in Hong Kong: innovation chief

The ceremony featured 25 firms – six that were absent from last October’s signing and the latest crop of 19.

Five of the new firms are from the US and the others from the mainland. They are involved in key sectors such as life and health technology, artificial intelligence (AI) and data science, financial technology, advanced manufacturing and new energy. The first batch were also from similar sectors.

Financial Secretary Paul Chan Mo-po said Hong Kong would provide a comprehensive and sophisticated financial ecosystem to support the firms’ funding needs at all stages of development.

Hong Kong would continue to reach out to more strategic enterprises, he added.

“We will continue to support R&D to drive the commercialisation of research outcomes, as well as new industrialisation. We will continue to nurture local start-ups and talent … and boost the compelling collaboration with our sister cities in the Greater Bay Area,” Chan said.

“OASES will continue to reach out to strategic enterprises. This year, it will meet with more than 300 of them from around the world … there will be more significant signings in the months, and years, to come.”

Some of the new firms are already operating in Hong Kong. For instance, AI driverless technology company Uisee supplied vehicles to Hong Kong International Airport, while Shanghai Westwell has started applying its autopilot control systems in the city’s port area.

Shanghai-based drug maker Nuance Pharma planned to invest about HK$100 million in Hong Kong and hire 20 to 30 staff for tapping into Asia, founder and CEO Mark Lotter said.

“Hong Kong serves as our Asia-Pacific head office. So we intend to use Hong Kong as the base to expand into the rest of Asia … in which to leverage drug development,” he said.

“We are going to have to look at persons that would focus on drug development, but we also look at their ability to commercially expand into Asia-Pacific as a region.”

Morgan Law, commercial director for Asia at US logistics payment platform operator PayCargo, said his firm could invest in Hong Kong a sizeable part of its US$290 million in funding in Hong Kong.

“We can use a lot of the funding if Hong Kong provides the right platform for PayCargo,” he said.

Law said the firm had set its sights on the city as the first step to expand into Asia as it sought to take advantage of Hong Kong being the largest air cargo hub in the world and providing reliable payment solutions and legal system.

“Hong Kong is our first step in our grand scheme to expand into Asia. We’d like to use it as the jumpboard to attract as many logistics businesses as possible to join the PayCargo network in Hong Kong,” he said.

Michael Tam, chief brand officer of UBTech Robotics Corp, a listed company in Hong Kong, said it would hire about 200 people in the city within the next five years and set up a HK$2 million R&D centre to target services for the elderly.

Liu Wei, co-founder and CEO of BioMap, an AI-based life sciences company, said it planned to set up a centre for global eco-innovation in Hong Kong as it aimed to capitalise on the city’s international financial status, free fiscal policies and intellectual property protection.

Lawmaker Duncan Chiu, who represents the innovation and technology industry, said many of the second-batch firms already had operations in Hong Kong such as China Resources and China State Construction but they had set up a new innovation arm to expand their business in the city.

“They are multinational companies which set up different new divisions in Hong Kong. It shows that they are willing to increase their investment here,” he said.

“It’s not easy to attract new companies these days as they tend to be prudent with their investment amid a difficult global environment. It signals a good starting point for Hong Kong.”

‘Two sessions’ delegates push to keep Hong Kong unique, help mainland firms

The government office hosted the first signing ceremony last October, with the initial 30 companies pledging to invest about HK$30 billion in the city.

The investment was expected to create about 10,000 jobs, authorities said at the time.

Introduced in city leader Lee’s maiden policy address two years ago, the government office was established in late 2022 to attract strategic and high-potential companies from around the globe.

Chan, the financial secretary, earlier said he expected key companies to help attract others in related sectors, and thereby promote the development of the I&T ecosystem.

The office is designed as a “one-stop service platform” that targets companies and helps facilitate “customised solutions” for them in areas such as land, taxation and financing, the government has said.

The office also helps with visa applications for the companies’ employees and finding schools for their children.

It has met representatives from at least 200 enterprises so far.

Lee said the city’s commitment to the I&T sector aligned with the country’s emphasis on “new, quality productive forces” to power the growth and high-quality development highlighted in its annual parliamentary meetings earlier this month.

“Driven by innovation, these forces encompass high-technology, high-efficiency and high-quality productivity,” he said.

“The 25 strategic enterprises here today are blessed with innovation and steeped in the new quality productive forces championed by our country.”

In his speech, Lee also lauded the city’s advantages such as its strategic location, world-class infrastructure, robust legal system and the rule of law.

“Given our long-standing strengths in finance, intellectual property protection and connectivity, Hong Kong can enable technology transfer, attract foreign investment and create the cross-boundary collaborations that drive I&T,” he added.

Trade bodies in Hong Kong say emphasis should now move from security to economy

Finance chief Chan said one of the city’s advantages was the one country, two systems principle.

“It guarantees openness and global connectivity, the rule of law, the free flow of capital, data, talent, as well as seamless alignment with the best international business practices,” he said at the ceremony.

“I am confident that Hong Kong is on its way to becoming a beacon of innovation and technological excellence in the Asian region and the world beyond.”

The law spans 39 offences divided into five categories: treason; insurrection, incitement to mutiny and disaffection, and acts with seditious intention; sabotage; external interference; and theft of state secrets and espionage.

Additional reporting by Emily Hung