Hong Kong is accelerating its transformation from a financial services hub into an Asia-Pacific centre for life sciences, with major government investment, new regulatory pathways, and a clear ambition to become the bridge between international innovators and China’s rapidly expanding healthcare market.
Speaking with BiotechDispatch, Andy Wong, Head of Innovation and Technology (Life and Health Sciences) at InvestHK, said the city is evolving from its traditional financial base to a more innovation-driven economy.
“Ten years ago, Hong Kong was known for finance and high-rise buildings,” he said. “But over the past five or six years, we’ve invested heavily in research and development, in building facilities, supporting university spinouts, and in policy reform. We want innovation and technology to be a parallel driver of our economy.”
Wong said Hong Kong’s unique status under the ‘one country, two systems’ framework allows it to serve as a gateway between mainland China and the rest of the world, providing a combination of international standards, common law, and access to the Greater Bay Area (GBA), one of the world’s fastest-growing innovation corridors.
“Hong Kong has its own legal system, its own currency, and a strong IP and data privacy framework consistent with international norms,” he explained. “That makes it easy for global companies to operate here, while offering direct access to the China market.”
Wong said a series of new policies is strengthening that bridge, including streamlined regulatory mechanisms that allow certain medicines and medical devices approved in Hong Kong’s public hospitals to be used in the GBA without undergoing full Chinese regulatory approval. Additionally, a new Hong Kong–Shenzhen innovation park will facilitate the cross-border sharing of biological samples and data, thereby accelerating translational research.
“We see Hong Kong’s role as both connector and enabler, east to west and west to east,” Wong said. “We’re building platforms that make collaboration faster and more efficient.”
For Australia, he said, the opportunity lies in partnership and translation. With a strong academic foundation but a smaller domestic market, Australian medtech and biotech companies often struggle to scale their operations. “Australian innovators are strong at discovery but can find it difficult to translate because of limited market size,” Wong said. “Hong Kong and the Greater Bay Area can provide that next step — prototyping, manufacturing, and faster market entry.”
Mr Wong highlighted the experience of Australian healthcare AI start-up Heidi. The company has recently secured US$65 million in a new funding round, as it looks to expand its workforce and establish offices in Hong Kong and Singapore. InvestHK provided Heidi with practical guidance and contacts on critical elements, including market entry, government funding programs on R&D, and the hiring and relocation of talent from global markets.
Hong Kong’s proximity to major manufacturing and research clusters in southern China gives it a practical advantage for companies seeking to commercialise innovations. “Even though it’s a nine-hour flight, the turnaround time for prototyping or production is often quicker and more affordable,” Wong noted.
He also pointed to the Hong Kong Stock Exchange’s Chapter 18A listing regime, which has made the city the world’s second-largest biotech fundraising hub, as a major attraction for international investors and companies seeking capital access.
“Fundraising in Hong Kong is world-leading,” Wong said. “We’re now looking ahead to new financial products like IP-backed financing, which could allow companies to use their intellectual property as collateral for loans — enabling continued innovation without diluting equity.”
The city’s innovation ecosystem encompasses diagnostics, oncology, robotics, AI, and advanced therapeutics, anchored by world-class universities and public funding mechanisms, including the InnoHK research clusters and the RAISe+ co-investment program.
Looking ahead, Wong said Hong Kong’s focus is clear: to build globally connected, IP-rich biotech and health-tech companies headquartered in Hong Kong but operating across borders. “Our goal is not just to manufacture, but to innovate — to make Hong Kong a centre of R&D excellence and advanced therapy development,” he said. “Once the intellectual property is created here, we can license it globally, supported by a simple tax system and a low IP tax rate.”
With more than A$10 billion in new innovation investment and an expanding network of partnerships across Asia, Europe, and now Australia, Wong said Hong Kong is positioning itself not just as a financial gateway, but as an innovation bridge. “It’s about integration,” he said. “Every piece of the ecosystem — from funding to IP to policy — is being built to connect the world’s innovators with Asia’s opportunities.”