Hong Kong’s ambitious plans to transform into an “innovation and technology” hub will require careful and deliberate combinations of Hong Kong and mainland capabilities. From this understanding, the idea for the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) was born. This new science park on the border with Shenzhen is focused on life & health technology, AI and data science, new energy, new materials, robotics, and microelectronics; and will eventually become part of a broader Shenzhen-Hong Kong I&T Cooperation Zone.
Hong Kong already has two high profile business and technology parks in the form of Cyberport, on Hong Kong Island, and the Hong Kong Science Park, which also sits north of the city proper in the New Territories. However, the new HSITP – which hopes to complete its first building by the end of this year and welcome in its first tenants by the start of next – stands out for its location and its aim to tap into the expertise and specialties of both the mainland and Hong Kong.
The project’s progenitors hope that HSITP’s location at the northern edge of Hong Kong’s limits and at the border with the mainland will allow it to draw on an innovation and technology talent pool of more than two million in Shenzhen who will be able to easily hop over the border to work at HSITP, in addition to around 37,500 from Hong Kong. HSITP’s location – the Lok Ma Chau loop – is a bend in the Shenzhen River that today plays host to a square kilometre of predominantly wetland as well as one of the territory’s main border crossings. However, despite an unassuming profile, this location provides access in under an hour’s travel to both a wealth of mainland I&T hubs in Shenzhen as well as several world-class research-based universities in Hong Kong, according to a HSITP brochure.
“Like many other tech parks, we have a piece of land where we are building from scratch,” admits HSITP CEO Vincent Ma, who jumped from a stellar management career in telecoms, IT, and digital transformation to lead the project at the start of 2023. However, as Ma explains, “What sets us apart is that HSITP, along with our tenants, will operate under Hong Kong’s jurisdiction and the Basic Law, while enjoying an unprecedented level of access to the resources in mainland China.” He adds, “By leveraging the Greater Bay Area, which is ten times the size of Hong Kong, our partners will enjoy the best of both worlds, with access to a larger market and more logistical capabilities.”
59 partnerships were announced at the park’s launching ceremony back in April, covering park tenants; stakeholders interested in incubation, acceleration, investment, and professional services; as well as universities and research institutes. Ma is confident that the park can continue to attract well-established mainland success stories such as RNAi therapeutics pioneer Sirnaomics – which is planning to set up commercial scale production facilities at HSITP – but also newer firms.
“We expect to engage with at least two types of companies,” he explains. “The first type is emerging companies taking their initial steps going global. The second type is those looking to expand their current operations but facing challenges in attracting talent to this part of the world. With the setup in Hong Kong, these companies find it much easier to bring in and retain talent. HSITP will serve as a ‘Super Connector,’ which will play well into Hong Kong’s strengths.”
Challenges remain, not least convincing a decent chunk of Hong Kong’s research and innovation community to make a daily trip out of the city centre and up to the border to work. Additionally, as with all cross-border integration, some critics have pondered whether this project risks watering down the strengths of either side. Ma, however, is understandably hugely optimistic about HSITP and its potential.
“This project is a prime example of how the ‘One Country, Two Systems’ principle can create synergies rather than diminish Hong Kong’s unique identity,” he concludes. “The Central Government’s strategy is to leverage Hong Kong’s unique value proposition and strengths – our financial system, IP protection protocol, and legal framework – to attract industries and foster industry development. We will showcase how cross-boundary policies can help companies expand, attract talent, and stimulate industry growth. If these policies prove successful, they may be expanded further into other parts of China, potentially broadening the market to 1.4 billion people.”
Image Source: The Hong Kong-Shenzhen Innovation & Technology Park
