Strategic Enterprises Office to Unveil New Companies on Oct 22; Half From Overseas
RTHK · 7 SOURCESabout 10 hours ago6 MIN
Summary
The Office for Attracting Strategic Enterprises (OASES) will announce a new batch of 10 to 20 companies on October 22, with mainland and overseas enterprises each accounting for 50 percent. The office has cumulatively attracted 124 enterprises since its establishment nearly four years ago, expected to bring HK$73 billion in investment and 25,000 jobs. Office Director Yam King-fai (任景信) said many incoming enterprises are leading companies with market capitalizations exceeding HK$100 billion, while another of the world's top 10 pharmaceutical companies will join in the new batch.
Key Points
- OASES Director Yam King-fai confirmed the office is currently negotiating with over 100 enterprises, selecting candidates based on alignment with Hong Kong's industrial policies rather than solely on company size or investment scale
- One mainland e-commerce giant has acquired local supermarket chains, invested in properties, and partnered with developers to develop the Hung Shui Kiu area, bringing upstream and downstream partners to Hong Kong
- Settled enterprises must submit five-year plans detailing specific investments, job creation targets, and first milestone projects; government subsidies require meeting targets but no hard penalties exist for non-achievement
- Hong Kong's "1+" new drug approval mechanism has facilitated registration of approximately 20 new drugs, while the "Hong Kong-Macau Medicine and Devices Access" program covers 71 designated mainland medical institutions with 71 drugs and 95 devices approved
- The office will focus on artificial intelligence, life health technology, and advanced manufacturing including chips, with Northern Metropolis areas like Hung Shui Kiu Industrial Park and Lok Ma Chau Loop Hong Kong-Shenzhen InnoPark attracting increasing interest
Why It Matters
The balanced 50-50 split between mainland and overseas enterprises marks a significant shift from the first four batches when mainland companies accounted for over 70 percent, demonstrating Hong Kong's growing appeal as a gateway for both Western companies entering the mainland market and mainland enterprises going global . The addition of another global top 10 pharmaceutical company reinforces Hong Kong's positioning as a clinical trial and drug development hub, leveraging the city's clinical data advantages and regulatory reforms to attract high-value biomedical investments .
The balanced 50-50 split between mainland and overseas enterprises marks a significant shift from the first four batches when mainland companies accounted for over 70 percent, demonstrating Hong Kong's growing appeal as a gateway for both Western companies entering the mainland market and mainland enterprises going global . The addition of another global top 10 pharmaceutical company reinforces Hong Kong's positioning as a clinical trial and drug development hub, leveraging the city's clinical data advantages and regulatory reforms to attract high-value biomedical investments .