HK lures over 100 key firms to establish base in SAR

The government of the Hong Kong Special Administrative Region has successfully attracted over 100 global strategic enterprises to establish a presence in the city, which is expected to bring in over HK$60 billion ($7.71 billion) in investment and create approximately 22,000 quality jobs.

The Office for Attracting Strategic Enterprises (OASES) on Thursday hosted a signing ceremony to welcome the fifth batch of 18 strategic enterprises, including three global pharmaceutical companies — GlaxoSmithKline (GSK) from the United Kingdom, Roche from Switzerland and Merck from Germany; mainland's social media platform Xiaohongshu; and United States-based cultural and creative enterprise Vobile Group.

This is the first time a cultural and creative enterprise that integrates technology with artistry and entertainment has chosen Hong Kong for business establishment or expansion.

Tasked with attracting industries of strategic importance to Hong Kong, OASES was established in December 2022 and welcomed the first batch of strategic enterprises to the SAR in October 2023.

"Beyond numbers, these strategic enterprises also bring transformative ideas, world-class expertise, global perspectives and a spirit of innovation that will further enrich our fast-evolving innovation and technology ecosystem," Hong Kong Financial Secretary Paul Chan Mo-po said at the signing ceremony.

The finance chief emphasized Hong Kong's unique connectivity with both the Chinese mainland and the world, its openness and diversity, as well as its vibrant innovation and technology ecosystem which will serve as an ideal launchpad for global cultural and creative enterprises to strive for business expansion and scalability across Asia and beyond.

Chan also mentioned Hong Kong's attractiveness for global pharmaceutical companies vying for business expansion and scalability, with the backdrop that the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Cooperation Zone (known as Hetao or the Loop) will implement the innovative policies of facilitating cross-boundary flows of people, capital, goods and data.

"We are working to establish a primary evaluation mechanism for drug and medical device approvals. This will allow Hong Kong to independently review and approve drugs, medical products and devices developed in this zone, accelerating their time to market," Chan said.

With the Hong Kong team consisting of about 120 people, GSK will invest in Hong Kong infrastructure and talent exchange, as well as facilitate data integration within Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, accelerating the implementation of medical innovation.

Roche said the company is always optimistic about Hong Kong's advantages and will expand investment in the future and continue to collaborate with top local experts to advance scientific research and clinical trials, leveraging Hong Kong's advantages as an Asia-Pacific hub to collaborate closely with the Chinese mainland and the region to maximize the effectiveness of medical innovation.