The investable innovation gap

Having nurtured 23 initial public offerings (IPOs) and 14 unicorns, Hong Kong Science and Technology Parks Corporation (HKSTP) — the largest innovation and technology (I&T) ecosystem in Hong Kong — has established itself as a launchpad for high-growth ventures.

Tackling different needs across all stages of development, HKSTP fast-tracks startups’ global expansion and unlocks venture funding by leveraging its vibrant investment ecosystem.

One standout example is the listing of Insilico Medicine, a Hong Kong and Boston-headquartered biotech firm that deploys Artificial Intelligence (AI) to speed up drug development with a research and development (R&D) center established at Hong Kong Science Park.

Leveraging HKSTP’s solid network in the local R&D ecosystem, Insilico gains access to more resources ranging from hardware facilities and funding to talent collaboration, according to Frank Pun, head of Insilico Medicine Hong Kong.

As one of the park companies, Insilico Medicine listed on the main board of the Hong Kong Stock Exchange in December, raising HK$2.28 billion ($290 million) and marking that year’s largest fundraising IPO by a biopharmaceutical company.

“Hong Kong is an excellent financing hub, boasting a robust legal system, strong intellectual property protection, and a wealth of scientific research talent,” Pun said. “As the city creates an ideal environment for R&D, the I&T industry will continue to improve.”

In addition to providing industry connections, HKSTP offers venture opportunities for startups to grow. Backed by an extensive network of more than 200 engaged investors and over 500 corporate partners, HKSTP’s Corporate Venture Fund (CVF), which invests in startups from seed to pre-IPO stages, has facilitated more than 5,500 investment matches over nearly a decade.

Launched in 2015, the fund, which invests in homegrown startups and partners with private investors for co-investment opportunities, currently manages HK$1 billion in investments; every HK$1 invested by HKSTP attracts approximately HK$13.6 in private funding, according to HKSTP.

HKSTP not only provides direct financial support but also helps startups connect with numerous potential clients, offering assistance in terms of both fundraising and day-to-day business operations, said Daniel Lo, the founder and CEO of GoGoChart Technology, a leading digital marketing company headquartered in Hong Kong.

For instance, by attending the Co-Development and Investment Conference (CDIC) organized by HKSTP this September, GoGoChart signed a memorandum of understanding with a leading Chinese telecommunications giant.

Having joined HKSTP’s ecosystem in 2023, GoGoChart completed a fundraising round with participation from HKSTP’s CVF in 2025. “HKSTP, as an investor as well as a partner, played a really significant and positive role during our fundraising journey,” said Lo.

In 2024, after being admitted to HKSTP’s Acceleration Programme, GoGoChart participated in HKSTP’s US Booster Programme, a six-month training and US market expansion program in Silicon Valley, where the company and the other four companies admitted to the program secured over $15 million in business contracts and investments in total. After the program, GoGoChart saw significant growth in company value from $33 million to $50 million.

Hong Kong has been ranked first in Asia and fifth globally for its concentration of high-potential startups, according to a white paper — “Inside Asia’s Fast-Track to Global Tech Scale” — jointly released by CB Insights and HKSTP in August. Hong Kong’s top ranking among Asian markets reflects a concentrated pool of scale-ready ventures and highly investable innovation.

The Shenzhen-Hong Kong-Guangzhou cluster has been ranked as the world’s top Global Innovation Cluster for the second consecutive year, according to the Global Innovation Index published by the World Intellectual Property Organization in September.

As the region’s largest I&T ecosystem, HKSTP’s role has evolved from a simple enabler to a strategic orchestrator, by connecting innovators with research, industry, capital and talent, and linking them to application scenarios and viable pathways to market to accelerate commercialization and company growth, according to Terry Wong, CEO of HKSTP.

“I believe the next eight to 10 years will be a golden era for Hong Kong to produce more high-quality, large-scale tech enterprises, as many current start-ups already show high potential,” Wong added.

Specifically focused on high-demand sectors of generative AI, intelligent connected systems, and sustainability, HKSTP launched the Co-Acceleration Fund (CAF) — Hong Kong’s first public-private partnership fund — in 2025.

Having identified two key needs — stronger access to early-stage growth capital and commercialization opportunities for promising startups, and high-quality innovation investment opportunities for an increasing number of corporates, family offices and investors — HKSTP launched the Co-Acceleration Programme to bridge the gap.

Unlike a traditional venture capital fund, the Co-Acceleration Fund is part of the broader Co-Acceleration Programme, which combines capital with ecosystem support, according to Derek Chim, head of startup ecosystem and development at HKSTP.

“The program brings together investors, corporate partners and innovators, creating opportunities for startups to access real-world use cases, validate their technologies and accelerate commercialization,” Chim added.

FluviusH2 Ltd, an innovative technology company focusing on green hydrogen technology with an R&D base in Hong Kong, was selected as one of the first batch of CAF investees this September at the CDIC.

“With the capital support, we plan to launch the second iteration of our product within this year,” said Duan Zehui, founder and CEO of FluviusH2. Having received a significant number of inquiries from global clients and agents, the company looks forward to achieving “impressive results” in the overseas market in the coming year.