Why has Hong Kong become a “super connector” for medical innovation?
The global medical innovation landscape is currently undergoing rapid reconstruction. Driven by new - quality productivity, the biopharmaceutical industry is continuously upgrading in the directions of originality, internationalization, and ecological development.
As an international financial center and the core hub of the Greater Bay Area, Hong Kong is transforming from a traditional financial hub into a center driven by both finance and innovation. With its international operating rules, top - notch scientific research resources, and the Listing Rule 18A (the listing rules for biotech companies on the Hong Kong Stock Exchange), Hong Kong has become an important node connecting the Chinese mainland with global medical innovation.
Against this backdrop, recently, the live round - table discussion titled "New Narrative in Hong Kong: The Capital Attraction and Innovation Impetus of Medical Innovation", jointly organized by Arterial Network, MicroDrug, and Shangjun Investment Consulting, delved deep into the evolving role of Hong Kong in the global medical innovation landscape.
Through discussions on topics such as the capital value of medical innovation in Hong Kong, the path of achievement transformation, the cooperation mechanism in the Bay Area, and international expression, the live broadcast presented the practical path and future development direction of Hong Kong's medical innovation ecosystem to the industry.
This live broadcast was hosted by Chen Yiqun, a partner of Shangjun Investment. The guest lineup included key figures from park platforms, scientific research transformation, and front - line investment institutions, namely: Kuang Weiquan, the deputy director of the Ecosystem Development Department of the Hong Kong - Shenzhen Innovation and Technology Park; Zhu Yue, a post - doctoral researcher at the Advanced Biomedical Instrumentation Centre (ABIC) of the University of Hong Kong; and Chen Tianyi, an investment and research manager at Gobi Partners.
Capital Attraction: The Value of Hong Kong as a Financial Hub for Medical Innovation
As an international financial center, Hong Kong is gradually transforming into a capital hub for global medical innovation.
At the beginning of this live broadcast, host Chen Yiqun emphasized that Hong Kong is transforming from a traditional financial center into an ecological hub driven by both "innovation + capital". He mentioned: "Hong Kong is a super - connector between the Chinese mainland and the world." Hong Kong is not only a two - way transformation hub for Greater Bay Area enterprises to go global and overseas innovation projects to enter the Chinese market but also a high - ground for international capital agglomeration. It is continuously upgrading to become the core capital hub for global medical innovation.
Chen Tianyi further added that with its unique geographical and policy advantages, Hong Kong has become the core platform "linking" global capital with Chinese innovation. He believes that Hong Kong is not only "the only region in the world that is close to China's growth engine and can operate within the framework of international rules" but also a key bridge for mainland enterprises to go global and international capital to enter China. Hong Kong's mature financial market and the special Listing Rule 18A provide a unique capitalization path for medical innovation projects, further consolidating its "capital attraction" position in the global medical innovation ecosystem.
Zhu Yue supplemented from an international perspective that the capital attraction of Hong Kong in the field of medical innovation is not only reflected in the flow of funds but also in its unique role as a cross - border capital transfer platform. He pointed out that relying on its unique advantage of being backed by the motherland and facing the international market, Hong Kong has built a bridge for domestic and overseas innovation enterprises to access the global market, helping early - stage projects connect with capital and resources globally. This international financial characteristic continuously attracts global medical innovation capital to gather, further promoting the global cooperation and development of medical innovation.
Kuang Weiquan emphasized from the perspective of park ecological construction that the Hong Kong - Shenzhen Innovation and Technology Park helps enterprises cross the critical stage from R & D to marketization by integrating financial, clinical, and market resources, promoting the two - way flow of capital and innovation. He said that this ecological system not only provides financial support for projects but also accelerates project implementation through efficient resource allocation, promoting medical innovation to better connect with the global capital market.
Innovation Impetus: The Transformation Path from Laboratory to Market
The commercialization of scientific research achievements is the core link of medical innovation. Hong Kong is building a transformation closed - loop through the combination of medicine and engineering, cross - border cooperation, and precise incubation.
Taking ABIC of the University of Hong Kong as an example, Zhu Yue introduced that this center is directly under the Hong Kong Investment Promotion Agency and managed by the University of Hong Kong. It cooperates with top global universities such as Harvard, Cambridge, and the Technical University of Munich to promote 20 incubation projects. Adhering to the combination of medicine, industry, and business, being backed by the motherland and facing the international market, it precisely introduces clinical needs, organizes interdisciplinary research, and clarifies the commercialization path, forming a model of "R & D in Hong Kong + transformation and manufacturing in the Chinese mainland + global market". He pointed out that there are three major information asymmetries between capital and scientific research, namely technology valuation, clinical transformation risk, and commercialization prospects, which can be improved through professional technical due diligence, full - cycle post - investment services, and a dialogue platform for industry - academia - research.
Chen Tianyi proposed that the "valley of death" for medical innovation enterprises from the laboratory to the market is concentrated in the early stage of commercialization transformation, especially for Hong Kong local enterprises that are not adapted to policies such as centralized procurement on the Chinese mainland. Gobi Partners has long been deeply involved in universities, combining with the Hong Kong Industry - Academia - Innovation Scheme (RAISe+) launched in October 2023 with a HK$10 billion grant to support university commercialization projects, leveraging industrial capital with government matching funds to help projects cross the transformation gap.
Kuang Weiquan emphasized that the park guides enterprises to abandon the "extreme R & D" thinking and turn to rapid productization. Relying on the testing institutions recognized by the National Medical Products Administration (NMPA) in the park, it promotes products to quickly complete safety testing and registration applications. First, launch the 1.0 version to verify the market and then iterate and upgrade, shortening the cycle from paper to product.
Chen Yiqun further pointed out that the key to transformation lies not in the perfection of R & D but in how to quickly respond to market and registration requirements to bring scientific research achievements to the market more rapidly. Product iteration and feedback are indispensable parts of the innovation process, and this process requires the coordinated support of enterprises, capital, and policies.
Bay Area Collaboration: The Complementary Ecosystem between Hong Kong and the Chinese Mainland
The coordinated development of the Greater Bay Area is the core support for Hong Kong's medical innovation. The international advantages of Hong Kong and the industrial chain and clinical resources on the Chinese mainland form an efficient complementary relationship.
Chen Yiqun pointed out: "Hong Kong's unique geographical location and policy advantages make it an important part of the innovation ecosystem in the Greater Bay Area. Hong Kong can not only serve as an international springboard for mainland innovation enterprises but also attract more international projects to enter the Chinese market through Hong Kong." The cooperation between Hong Kong and the Chinese mainland is not a simple superposition of resources but a complementary combination of advantages. Hong Kong provides rules and capital, while the Chinese mainland provides industry and clinical resources. The combination of the two forms an innovation synergy greater than the sum of the parts.
Kuang Weiquan supplemented from the perspective of park construction that the park is not only a R & D platform but also an accelerator to help mainland enterprises enter the international market. He introduced that relying on the policies of the Hetao Cooperation Zone, the Hong Kong - Shenzhen Innovation and Technology Park has established a four - dimensional cross - border circulation mechanism for talents, funds, biological samples, and clinical data. Through the "white - list" policy, it realizes the free flow of personnel, breaking through the barriers to the cross - border circulation of biological samples and providing convenience for cross - border R & D in medical innovation.
Zhu Yue mentioned that the scientific research and industrial cooperation between Hong Kong and the Chinese mainland have been significantly deepened, but there are still four major institutional obstacles, including differences in legal systems, inconsistent market access standards, cross - border circulation of biological materials, and mutual recognition of professional qualifications. He pointed out that currently, the Greater Bay Area is trying to overcome these bottlenecks through policies such as the "Hong Kong - Macao Medicine and Device Connect", the expected establishment of the Centre for Medical Products Regulation (CMPR) in Hong Kong by the end of 2026, and cross - border standard mutual recognition. The cross - border customs clearance channels of the Hong Kong - Shenzhen Innovation and Technology Park also promote the efficient circulation of scientific research biological samples. He concluded: "The complementary ecosystem between Hong Kong and the Chinese mainland enables the two sides to form a synergy in global medical innovation and jointly promote the implementation and commercialization of projects."
Chen Tianyi said that the Greater Bay Area has the attributes of both US - dollar and RMB capital. It can not only undertake the industrial cooperation advantages of the Chinese mainland but also match the international capital model. He mentioned that the 2026 Hong Kong Budget has set up a HK$10 billion innovation - driven fund for the technology industry, which echoes policies such as the cancellation of the counter - investment requirement by the Shenzhen Angel Investment Guidance Fund. Although there is sufficient market capital, high - quality targets are scarce. With its 17 local and international office teams set up along the Belt and Road around the world, Gobi Partners uses Hong Kong as a springboard to help mainland medical innovation enterprises connect with overseas governments, hospitals, industrial parties, and capital, assisting enterprises to enter the global market.
Future Narrative: The International Expression of Hong Kong's Medical Innovation
Looking to the future, the internationalization of Hong Kong's medical innovation will become an irresistible trend, and Hong Kong's position in global medical innovation will become even more important.
Chen Tianyi believes that Hong Kong will gradually become an important hub for global medical innovation. He pointed out: "Hong Kong is no longer just a simple financial market. Through in - depth cooperation in the Greater Bay Area, it will promote the internationalization process of medical innovation." He predicted that with the global capital's attention to Chinese medical innovation, Hong Kong's international status will become increasingly prominent. To this end, Hong Kong should focus on three dimensions: R & D, system, and industry, unleash the scientific research potential of its three medical schools and universities, promote the regulatory coordination between CMPR and NMPA, form a closed - loop of "R & D in Hong Kong + manufacturing in the Bay Area + global financing", and become a testing ground for overseas innovation to enter the Chinese mainland and a springboard for mainland innovation to go global.
Zhu Yue pointed out that Hong Kong's internationalization is not only reflected in the connection of the capital market but also in the global promotion of scientific research achievements. He mentioned: "Hong Kong helps Chinese local innovation projects go global through cross - border scientific research cooperation and capital guidance, bringing new opportunities for global medical innovation." He believes that Hong Kong needs to break through three core bottlenecks: the "last mile" of new drug/device approval, the lack of scientific research time for clinical doctors, and the incomplete coordination of policies, standards, and factor circulation between the two places. In the future, Hong Kong should position itself as the global R & D front - end and the Chinese transformation hub, leveraging its four advantages of original scientific research, international clinical verification, cross - border rule connection, and cultivation of compound talents to build a two - way flow transformation ecosystem.
Kuang Weiquan added that Hong Kong's future narrative is not only reflected in the maturity of the capital market and the transformation of scientific research achievements but also in its becoming an international platform for global medical innovation, providing a global - perspective innovation development path for Greater Bay Area enterprises. He believes that the core competitiveness of Hong Kong's medical innovation lies in technology, capital, and international talents. The park will continue to build an international platform to help enterprises connect with overseas markets in Europe, America, Southeast Asia, etc., and tell the success stories of Hong Kong's medical innovation.
Chen Yiqun concluded: "Hong Kong is not only a financial and innovation center in China but is also becoming an international expression platform for global medical innovation." He emphasized that Hong Kong's medical innovation will continue to "go global from the Chinese mainland" in the future and continuously strengthen the global innovation system. The core value of Hong Kong lies in its globally recognized international system. In the future, it will continue to play the role of a "super - connector", upgrading from a single listing platform to a global medical innovation hub, supporting the technological iteration and industrial upgrading of mainland enterprises and contributing to the construction of China as a scientific and technological power.
Two - Wheel Drive: The Capital Attraction and Ecosystem Collaboration of Hong Kong's Medical Industry
Through the effective combination of capital and scientific research, Hong Kong not only accelerates the transformation of medical innovation from the laboratory to the market but also plays an important role in the ecosystem collaboration of the Greater Bay Area.
Overall, the "new narrative" of Hong Kong's medical innovation is essentially the result of the coordinated evolution of capital, scientific research, and industry. As host Chen Yiqun said in the summary, this is not only a financial story but also "a story of the co - dance between the technology industry and capital".
In the next 1 - 3 years, with the improvement of the regulatory system, the deepening of cross - border cooperation, and the optimization of the capital structure, Hong Kong is expected to play a more crucial hub role in the global medical innovation chain. However, whether this leap can be achieved still depends on the efficiency of ecosystem collaboration and the ability to implement systems.
For enterprises, they need to pay more attention to the design of internationalization and commercialization paths; for investment institutions, they need to improve their technical understanding ability and long - term investment patience; and for the policy level, improving the approval system and promoting resource flow will be decisive variables.
Relying on its international rules, scientific research resources, and cross - border capital advantages, combined with the industrialization and clinical resources of the Greater Bay Area, Hong Kong is building a complete innovation ecosystem of "scientific research + capital + industry + clinical", helping the Greater Bay Area build a global medical innovation high - ground and contributing key strength to the internationalization of China's medical industry.
This article is from the WeChat official account "Arterial Network" (ID: vcbeat). The author is Huang Yurou. It is published by 36Kr with authorization.