Hong Kong Launches Co-Acceleration Fund to Boost Innovation and Support Start-Ups

Speech by FS at HKSTP Co-Acceleration Programme Fund Launch and Partnership Signing Ceremony (with photos/video)

Following is the speech by the Financial Secretary, Mr Paul Chan, at the HKSTP Co-Acceleration Programme Fund Launch and Partnership Signing Ceremony today (April 7):

Sunny (Chairman of Hong Kong Science and Technology Parks Corporation, Dr Sunny Chai), Albert (Chief Executive Officer of Hong Kong Science and Technology Parks Corporation, Mr Albert Wong), distinguished guests, tech ventures, ladies and gentlemen,

Good afternoon. It is a pleasure to join you all today as we celebrate the launch of the Co-Acceleration Fund by the Hong Kong Science and Technology Parks (HKSTP) and witness the signing of partnership agreements between the HKSTP and leading industry players.

Innovation and technology are a key pillar of Hong Kong's future prosperity. Over the years, we have invested substantial resources to build a dynamic and vibrant innovation ecosystem. As a result, the number of start-ups in our city has been rapidly increasing. In 2024, we were home to nearly 4 700 start-ups, representing a 40 per cent rise since 2020. We expect this number to continue growing at an impressive pace.

I am delighted to learn about the newly established ARENA platform. It is heartening to learn how our start-ups are transforming bold ideas into promising ventures, and how the HKSTP is supporting them to connect with collaborators, corporate partners and investors.

We all understand that access to capital is critical as start-ups grow and develop. Hong Kong offers a full range of funding support, from angel investments, venture capital and private equity to our deep and liquid stock market. This ecosystem effectively supports the ambitions and needs of enterprises at various stages of development.

Besides, we recognise the unique value of public-private partnerships in driving innovation. Here in Hong Kong, we aim to guide capital into sectors that are strategically important to our future, including AI and data science, life and health technology, fintech and new energy and new materials. We understand that for frontier technologies and sectors, the Government may sometimes need to take the lead to show our vision and demonstrate our commitment to bringing our vision into reality. That's why we established the Hong Kong Investment Corporation Limited (HKIC). Serving as patient capital, the HKIC invests in nascent-stage ventures and sectors of tomorrow. To date, it has invested in more than 90 projects, achieving a 1 to 4 co-investment ratio - meaning that for every dollar the HKIC invested, it has attracted four dollars from private investors to follow.

The HKSTP's Acceleration Fund aligns with our vision. By partnering with industry leaders to co-invest in high-potential start-ups, particularly in generative AI, intelligent connected systems and sustainability, the Fund amplifies our collective capacity to turn innovation into impact.

Beyond funding, I applaud the HKSTP for offering start-ups holistic support: mentorship, technical expertise, connections, market access and global platform, equipping entrepreneurs with the tools to accelerate growth and enhance global competitiveness.

Ladies and gentlemen, we live in an era of profound challenges. Now we are confronted with the impact of unilateralism and protectionism unseen in a century. Beyond tariffs and trade barriers, disruptions to global scientific collaboration are also happening. Yet, it is precisely in this very climate of fragmentation that Hong Kong must leverage its unique strengths. With our vision, agility, connectivity and strong backing from our country, we are in the position to become a global convergence point of talent, capital and know-how. We can foster more cross-sectoral and cross-boundary collaboration to advance humanity's shared progress.

For that mission, every initiative matters. In this regard, allow me to extend my appreciation and gratitude to everyone involved in bringing the Co-Acceleration Fund to life. I wish you all the best of health and success in the time ahead. Thank you very much.

Speech by FS at HKSTP Co-Acceleration Programme Fund Launch and Partnership Signing Ceremony (with photos/video) Source: HKSAR Government Press Releases

Speech by FS at HKSTP Co-Acceleration Programme Fund Launch and Partnership Signing Ceremony (with photos/video) Source: HKSAR Government Press Releases

Hong Kong Customs seizes suspected 3,4-methylenedioxymethamphetamine worth about $4 million at airport

​Hong Kong Customs today (April 10) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 20 kilograms of suspected 3,4-methylenedioxymethamphetamine with an estimated market value of about $4 million.

A 31-year-old female passenger arrived in Hong Kong from Vancouver, Canada, today. During customs clearance, Customs officers found the batch of suspected 3,4-methylenedioxymethamphetamine inside her check-in suitcase. The woman was subsequently arrested.

The investigation is ongoing.

Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.

Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).