Hong Kong Exchanges and Clearing (HKEX) has signed a memorandum of understanding (MOU) with Hong Kong Science and Technology Parks Corporation (HKSTP) to explore new biotech and fintech initiatives.

HKSTP is home to the city’s largest research and development base and a world-class innovation ecosystem, which will underpin the long-term growth of Hong Kong and the region as a global centre of excellence for biotech and new economy enterprises.

As part of the MOU, HKEX will gain access to HKSTP’s pool of biotech industry experts to assist in its review of biotech listing applications. HKSTP will assemble a team who will share their knowledge and expertise with HKEX by providing advice on an as-needed basis, helping to maintain the exchange’s standards of investor protection.

The collaboration on biotech industry expertise comes as HKEX this year marked the third anniversary of major listing reforms that include permitting listings of pre-revenue biotech issuers. Since the reforms, Hong Kong has become the world's second-largest biotech fundraising hub, welcoming 73 healthcare and biotech listings that raised HK$227 billion (US$29.19 billion). As of August 2021, over 50 healthcare companies had submitted listing applications.

HKSTP has created a biomedical technology development platform combining infrastructure and incubation programmes, supporting companies with funding, research and development, product development and commercialisation. HKSTP now supports over 150 biotech companies covering medical devices, diagnostics, therapeutics and personal care, and regenerative and traditional Chinese medicine, representing a full spectrum of tech-driven healthcare solutions.