The recent unveiling of Hong Kong’s first five-year plan and the 2026 Policy Address marks a new chapter in the city’s development. For those of who have dedicated their careers to building Hong Kong’s innovation and technology (I&T) ecosystem, the two documents represent a decisive turning point. For the first time, Hong Kong possesses a medium-term blueprint that aligns squarely with the national 15th Five-Year Plan (2026-30), sets measurable targets for innovation, and positions I&T not merely as one sector among many, but as a core engine for the city’s economic and social future.
The ambition is unmistakable. The plan calls for total domestic expenditure on innovation activities to rise from 1.63 percent of GDP in 2024 toward 3 percent after 2030, and for the value added of manufacturing and new industrialization-related industries to climb from 3.8 percent to 5.5 percent of GDP over the same horizon. These represent a near-doubling of the innovation economy’s weight in Hong Kong within a decade. Delivering on these goals will require every part of the ecosystem — government, universities, research institutes, enterprises, and capital — to move in concert.
This is fundamentally a question of orchestration.
Why orchestration matters now
When the Hong Kong Science and Technology Parks Corp (HKSTP) was established 25 years ago, the industry standard was to provide space and foundational support for a fledgling community of technology firms. Today, its role has evolved from a simple enabler to a strategic orchestrator, connecting innovators with capital, talent, application scenarios and viable pathways to market, with a mandate to leverage the robust foundations it has built to fulfill its ongoing responsibility to anticipate what innovators need next.
Consider the journey of a research-based startup. Its scientific breakthrough may require specialized facilities to become a prototype, an industry partner to validate performance, investors willing to support further development, and expertise to meet overseas market requirements. These needs are interconnected, yet they are too often addressed in silos.
An orchestrator helps bridge these gaps at the right time. HKSTP’s role is to understand where a company is trying to go, identify what prevents it from progressing, and mobilize the necessary capabilities across universities, research institutions, investors, industry leaders, and government bodies.
The five-year plan’s “three major I&T parks and five key R&D institutions” paradigm provides a robust framework for this level of collaboration. Its ultimate value will lie not only in the individual capabilities of each institution but also in how effectively they complement one another.
HK’s opportunity in a changing innovation landscape
HKSTP’s recent white paper, developed in partnership with CB Insights, illustrates exactly why a connected approach matters. Asia is developing a highly specialized innovation network quite unlike Silicon Valley’s all-in-one model. The Chinese mainland pairs frontier technology with massive manufacturing scale, capturing over half of regional venture funding and dominating fields such as robot foundation models. India commercializes across fragmented markets. Japan consolidates through acquisitions. Singapore links Southeast Asian innovation to capital.
Hong Kong’s unique contribution lies in its world-class research and its role as a distinctive interface between regional technology and global markets. The city’s common law system, intellectual property protection, financial infrastructure, and professional services help enterprises make the leap from technical promise to internationally investable business. Foreign investors account for 84 percent of capital deployed here, and the Hong Kong stock exchange led the world in initial public offering fundraising last year.
The study also found that Hong Kong companies recorded the highest average Mosaic score — CB Insights’ predictive measure for high-potential ventures — among Asian markets, ranking fifth globally among large ecosystems. While this is an encouraging indicator of Hong Kong’s potential, it is not a guarantee of success. Sustaining this momentum requires accelerated commercialization, deeper industry relationships and more effective cross-boundary collaboration. This means strengthening two-way pathways: helping international enterprises access Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, while supporting local and mainland innovators in reaching overseas customers.
Beyond the Greater Bay Area, Hong Kong’s I&T ecosystem requires robust support to deepen the ties with leading global institutions and industry partners, translating these connections into collaborative research and commercialization opportunities. Ultimately, this cements Hong Kong as the premier gateway where global innovators access mainland capabilities, and mainland innovators connect with the wider world.
Technology application must begin with demand
For a startup, the most consequential milestone is often not its next funding round, but its first repeatable commercial success. That demands early industry engagement, allowing corporate partners to help define real-world problems and performance requirements long before a product is finalized.
The Policy Address’ proposal to explore a Hong Kong Innovation and Technology Application Scenario Promotion Centre addresses this exact gap. Trials should generate evidence of reliability, measurable benefits, and standard compliance, ultimately paving a credible route to procurement. A successful deployment in Hong Kong serves as a powerful reference for international expansion; conversely, a trial lacking clear evaluation criteria may never evolve into a viable business.
Capital, infrastructure, and talent must advance together
This is increasingly important as investment shifts toward robotics, microelectronics, and life and health technology — capital-intensive sectors where funding alone cannot overcome every barrier. Companies in these fields also need trial-production facilities, advanced engineering expertise, regulatory knowledge, and highly skilled teams. A prime example of the impact of this synergy is HKSTP’s corporate venture fund, which has helped mobilize more than HK$170 billion ($21.67 billion), with every HK$1 it invests attracting HK$13 from the private market.
None of this works without people. A future-proofing talent pipeline requires holistic environments where professionals can seamlessly live, work and collaborate. As the university towns of the Northern Metropolis takes shape, HKSTP will link their campuses to its laboratories, manufacturing facilities, and investor networks so that research outcomes travel quickly from bench to production line.
Turn a shared vision into results
The work ahead should be to broaden Hong Kong’s talent ecosystem, deepen technology-industry integration, extend companies’ global reach, and act decisively today to bring the future closer.
Hong Kong’s new policy framework provides the direction. An effective I&T ecosystem must provide the connections that translates this framework into results, transforming Hong Kong’s immense potential into lasting value, advancing its status as an international I&T center, and contributing meaningfully to the nation’s technological progress.
The author is CEO of Hong Kong Science and Technology Parks Corp.
The views do not necessarily reflect those of China Daily.
