On October 18, CR Enterprise Inc. (“CR Enterprise”) announced that it has entered into a formal agreement with CityU Enterprises Limited (“CityU”), a subsidiary of City University of Hong Kong, to jointly set up a sci-tech investment platform with HK$100 million. Each party will invest 50% to set up a joint venture company in Hong Kong which will focus investments in innovative technology companies and start-ups in sectors like life science and health, biomedical engineering, and materials science and engineering, assisting them to become “unicorns” in the Guangdong-Hong Kong-Macao Greater Bay Area.
According to the agreement, CityU will provide projects for investment options through a program named HK Tech 300, while China Resources Enterprise will provide industry support and market resources. Everything will be shared, including the research results, income generated by business conventions, as well as the bonus shares and transfer income of invested enterprises in proportion to the investment amount. The person in charge of CR Enterprise said, we will focus on science and technology projects that can be transformed from laboratory to commercialization, and accelerate the productization, commercialization and expansion of the projects by leveraging the strengths in industrial diversification of China Resources Group and the research and innovation capabilities of CityU, and invest and help outstanding start-ups develop into technology benchmarks in Hong Kong, thus inject new momentum into economic development. Professor Yang Mengsu, Vice-President (Research and Technology) of City University of Hong Kong and Chairman of the Executive Committee of HK Tech 300, pointed out that CityU has always been active in promoting innovation and is committed to transforming outstanding research results into practical applications. As Asia’s leading university innovation and entrepreneurship programme, HK Tech 300 is dedicated to helping CityU students, alumni and young people in Hong Kong to nurture innovative ideas into outstanding start-ups.
Mr. Alfred Sit Wing-hang, Secretary for Innovation and Technology Bureau, was invited to attend and witness the signing ceremony between the two parties. He hoped that through the cooperation between enterprises and universities, the strengths of both parties can be leveraged to create a strong synergy effect and accelerate the transformation of scientific achievements, and looked forward to further promoting the industrialization of start-ups with the joint efforts of all parties.