Hong Kong’s US$8 billion government fund inks deal with Beijing biotech start-up as city aims for tech hub status
- Beijing-based Biomap will set up an accelerator called BioMap InnoHub, which will support over 50 early-stage R&D projects in life science
The Hong Kong Investment Corporation (HKIC), a government-owned fund that manages HK$62 billion (US$8 billion) in assets, has struck a deal with a biotechnology firm started by Chinese internet giant Baidu founder Robin Li Yanhong, the fund’s second public move as the city seeks to boost its technology sector.
The partnership will see Beijing-based Biomap set up an accelerator called BioMap InnoHub, which will aim to support over 50 early-stage research and development (R&D) projects in cutting-edge life science, with priority given to projects recommended by universities and ecosystem partners in Hong Kong, the company said on Monday.
The HKIC will not only invest in Biomap, but will also lead its current financing round, meaning that the government fund is “setting the parameters and terms” of this round for other investors to follow, HKIC CEO Clara Chan Ka-chai said at a signing ceremony on Monday.
The CEO declined to disclose details of the investment at a media briefing after signing, saying only that Biomap’s new financing round has attracted interest from overseas institutional investors and companies.
Hong Kong has “solid foundation” in both AI and life science, and the city should endeavour to accelerate the development of bio computing to “seize the first mover advantage”, Hong Kong Financial Secretary Paul Chan Mo-po said at the same ceremony.
Biomap, founded in 2020, is the second company the HKIC has partnered with since the fund’s establishment in October 2022, months after the Hong Kong government announced a high-profile initiative to transform the financial city into an innovation and technology (I&T) hub.
