Hong Kong is entering a more decisive phase in its innovation journey, as Terry Wong steers HKSTP towards greater economic value and global relevance. With a stronger focus on translating research into scalable businesses, and leveraging the city’s position between Chinese Mainland and international markets, the ambition is to move beyond ecosystem building towards sustained execution. Life sciences and artificial intelligence sit at the core of this shift, supported by deeper integration with the Greater Bay Area.
How has your international experience shaped your perspective on Hong Kong’s development and your priorities as CEO of HKSTP?
My experience working across multiple regions has given me a broader understanding of how innovation ecosystems develop and how technology is applied across both traditional industries and emerging sectors. It has allowed me to step back and assess Hong Kong’s trajectory with greater objectivity, while also recognising where it can move faster. Even while based overseas, including during my time working on large-scale projects such as NEOM, I remained closely engaged with the city’s progress and how it compares with other global innovation hubs.
Over the past two decades, and particularly in the last ten years, Hong Kong has undergone a clear and deliberate shift. The economy has moved beyond its traditional reliance on finance, logistics, and trading towards a more focused commitment to innovation and technology. Operating as a self-sustained system for over 20 years, HKSTP has reinvested into the community, creating a robust environment where stronger policy support and increased investment can truly flourish. I believe my global perspective can help connect our city more effectively to international ecosystems.
Returning to Hong Kong was therefore both a natural decision and a purposeful one. With the perspective gained from working internationally, I believe I can help strengthen HKSTP’s role in accelerating innovation and technology development and in connecting Hong Kong more effectively to global ecosystems. This is an area where my experience can be applied with impact, and where I am strongly motivated to contribute to the city’s continued development.
Where does HKSTP stand today in its development, and what priorities are guiding its next phase of growth?
Since joining, I spent time engaging closely with tenants, partners, and stakeholders to form a clear and independent view of where HKSTP stands today. What became evident is that we are building on a strong foundation established over more than two decades, with a broad and well-developed ecosystem spanning key sectors such as life and health technology, artificial intelligence, greentech, and microelectronics. This breadth reflects sustained effort and has created a platform that is both diverse and increasingly mature.
What also stood out is the strength and commitment of the team supporting this ecosystem. There is a clear sense of purpose and ownership, which gives us confidence that we are well positioned to move forward with greater ambition. Taken together, the maturity of the ecosystem and the quality of the people behind it suggest that we are entering a new phase, where the focus can shift from building scale to delivering stronger I&T influence and leadership.
That shift requires a more deliberate approach. Hong Kong benefits from a strong academic and research base, and the priority is to translate that strength more effectively into commercial success, particularly in areas where we already have clear advantages.
We are strengthening the pathway from research to market by building structured partnerships across local, Chinese Mainland, and international markets. This ensures companies access the right support at every stage—from early validation to global commercialisation.
How is HKSTP strengthening its impact in key sectors such as life and health technology and artificial intelligence within a multi-sector ecosystem?
HKSTP is structured as a multi-sector ecosystem, but within that breadth, certain areas have naturally emerged as strategic priorities, particularly life and health technology and artificial intelligence. These capabilities are rooted in Hong Kong’s academic strength, with five institutions ranked among the global top 100 in the QS World University Rankings 2026, which continue to generate a strong pipeline of research and innovation. Our focus is therefore not only to sustain this diversity, but to ensure that leading sectors are supported in a way that allows them to translate research into meaningful outcomes.
To achieve this, we place emphasis on strengthening both hardware and software, including infrastructure and the value creation services. On the infrastructure side, this includes continued investment in capabilities that support translation, such as good manufacturing practice facilities and drug safety testing infrastructure aligned with international standards. At the same time, we create value for tech companies by enhancing existing platforms by bringing in partners with global reach and expertise, allowing us to extend the capabilities of our ecosystem and connect more effectively with international markets.
Equally important is ensuring that companies receive the right support at each stage of development. We are refining our programmes and funding mechanisms so that they align more closely with the needs of companies as they move from early research to commercialisation. This allows us to accelerate development cycles while taking a more structured approach to scaling high-potential sectors within the ecosystem.
Talent remains a central consideration, particularly as artificial intelligence becomes a key driver of growth. Following the 2026-27 Budget, we are expanding our talent base by blending international expertise with local capabilities. This is bolstered by Hong Kong’s evolving regulatory framework—including the planned Centre for Medical Products Regulation (CMPR) and the “1+” mechanism—which cements our position as a leading biotech fundraising and clinical hub.
We continue to deepen our engagement with industry partners globally, focusing on building structured collaborations rather than requiring immediate physical relocation. By working with pharmaceutical and technology companies across Chinese Mainland China, Asia, Europe, Middle East, and the United States, we can connect our ecosystem to markets and opportunities more effectively. This is reinforced by Hong Kong’s evolving regulatory framework, including the planned Centre for Medical Products Regulation (CMPR) and the 1+ mechanism, as well as its position as a leading biotech fundraising hub, creating an environment where companies can scale with both regional and global reach.
What role does Hong Kong play within the Greater Bay Area in attracting and supporting high-growth innovation companies?
With the current situation, competition across different regions became intense, with companies often distributing their activities across multiple cities to access talent, infrastructure, and markets. In this context, Hong Kong’s positioning is not to compete on scale, but to offer a distinct and complementary role within the Greater Bay Area. It is particularly well suited to anchor upstream research, development, and early-stage translation, while connecting efficiently to the manufacturing capacity, supply chains, and broader industrial base available across the region. This integrated approach allows companies to operate more cohesively, rather than fragmenting their activities across disconnected locations.
Hong Kong’s strengths lie in its concentration of international talent, strong academic institutions, and its ability to support clinical development and early-stage innovation. These capabilities are increasingly reinforced by emerging models at the intersection of artificial intelligence and life sciences, where companies such as Insilico Medicine have demonstrated how innovation, data, and capital can come together within the ecosystem. Meanwhile, Hong Kong’s capital markets continue to provide access to funding, positioning the city as a key platform for companies looking to scale.
This is further supported by an evolving regulatory environment, including the planned Centre for Medical Products Regulation and the phased introduction of primary evaluation alongside the 1+ mechanism. Together, these developments are expected to strengthen Hong Kong’s role in drug development, registration, and commercialisation. Combined with its connectivity to both Chinese Mainland and global markets, this creates a more streamlined and compelling proposition for companies seeking to develop, finance, and expand their innovations across regions.
Looking ahead, how do you define success for HKSTP, and what message would you share with global partners considering Hong Kong as a base?
Success, over the coming years, will be defined by our ability to bring high-potential companies within our ecosystem to an international level and to strengthen Hong Kong’s position as a global hub for innovation, particularly in life and health technology. This involves building a more complete environment in which research, translation, intellectual property development, and commercialisation are closely connected, while ensuring that companies can access the right combination of talent, capital, and scaling opportunities across Hong Kong and the Greater Bay Area. The objective is to create a system where innovation can move efficiently from early development to global markets.
Hong Kong’s strength lies in its ability to operate with speed, efficiency, and focus, supported by a culture that values execution and adaptability. This allows companies to make effective use of resources and to respond quickly to changing conditions, which remains an important advantage in a competitive global landscape. It is this combination of agility and connectivity that continues to define Hong Kong as a place where businesses can build, test, and scale with confidence.
In addition, there is a need to ensure that the progress being made is more widely recognised internationally. A robust and increasingly dynamic ecosystem is already in place, supported by evolving regulation, targeted government investment, and growing capabilities in areas such as artificial intelligence and life sciences. Hong Kong is well positioned to act as a gateway in both directions, enabling companies from Chinese Mainland to expand globally while providing international players with a structured entry point into Asia, and we are focused on engaging more actively with global partners to translate this potential into sustained collaboration and growth.
