Why do Hong Kong and Shanghai need to collaborate? The reason for Li Jiachao's statement is that Shanghai Hong Kong | Exchange | Shanghai

Release time:Apr 14, 2024 12:10 PM

Technological innovation is the key for cities to win the future. Whether it is Shanghai's promotion of the construction of a globally influential science and technology innovation center, or the Hong Kong SAR government's proposal of "no science and technology innovation, no future", both have made science and technology innovation an important area of current dual city cooperation. While injecting new impetus into the economic and social development of the two regions, it is also effectively enhancing the depth and breadth of Shanghai Hong Kong cooperation, truly promoting the "common development and prosperity" of the two cities.

This year marks the 20th anniversary of the establishment of the Shanghai Hong Kong cooperation mechanism. Suggestions have been put forward by various sectors on how Shanghai and Hong Kong can better collaborate and complement each other's advantages in the field of science and technology innovation, and further promote the accelerated aggregation of innovative elements such as talent, finance, and technology.

Talent Circulation: Building a High "Tower" and Consolidating a "Tower Foundation"

Technological innovation, talent is the key. Data shows that Hong Kong currently has more than 3000 innovative technology companies, 5 universities ranking in the top 100 in the world, and 16 State Key Laboratory. Looking at Shanghai again, in 2022, there were over 22000 high-tech enterprises and 78 listed companies on the Science and Technology Innovation Board, indicating the concentration of Shanghai's science and technology innovation talent aggregation.

"Hong Kong universities have abundant scientific research resources, obvious international advantages, and a gathering of top talents in emerging majors. However, the local market is relatively small, and the capacity to attract scientific and technological innovation talents is limited. Shanghai is backed by a huge market, with dense scientific and educational resources, active scientific and technological exchanges, complete industrial categories, and a large number of application scenarios. There are infinite opportunities for scientific and technological innovation cooperation between the two regions. Many members of the Chinese People's Political Consultative Conference (CPPCC) expressed their hope for more talent flow in the future, further promoting the construction of scientific and technological innovation centers between the two regions.".

Yao Hai, a member of the Municipal Committee of the Chinese People's Political Consultative Conference and director of the 13th Hong Kong, Macao, Taiwan, and Overseas Chinese Committee of the Municipal Committee of the Chinese People's Political Consultative Conference, noticed that the Hong Kong SAR government is implementing the Youth Entrepreneurship Assistance Program, Innovation and Entrepreneurship Base Experience Assistance Program, and Youth Employment Program. Shanghai can use this opportunity to promote the development of Hong Kong youth and international high-end scientific and technological talents in Shanghai. He believes that in order to attract Hong Kong youth to develop in Shanghai, it is necessary to create a good living and working atmosphere.

The Municipal Science and Technology Commission stated that Shanghai is actively providing convenience for Hong Kong talents to work and start businesses in Shanghai, ensuring that the various rights, basic public services, and convenience carried by the Hong Kong, Macao, and Taiwan Resident Residence Permit are implemented. For eligible Hong Kong talents, after applying for the Overseas Talent Residence Permit, they can enjoy corresponding talent benefits in areas such as long-term residence endorsement or multiple entry and exit endorsement, children's education, social insurance, etc.

Why do Hong Kong and Shanghai need to collaborate? The reason for Li Jiachao's statement is that Shanghai Hong Kong | Exchange | Shanghai

"Shanghai still needs to go out in attracting overseas talents." Bao Hongxun, a member of the Municipal Committee of the Chinese People's Political Consultative Conference and Chairman of Qiheng Cultural and Creative Development Co., Ltd., suggested that relevant departments and enterprises in Shanghai can regularly visit higher education institutions in Hong Kong to introduce the development of Shanghai's science and technology to students; At the same time, by providing internship opportunities for science and technology innovation in Shanghai, we aim to help Hong Kong youth experience and understand Shanghai's science and technology innovation ecosystem firsthand, inspiring them to seek career planning opportunities in Shanghai.

Many members also mentioned the need to further promote the construction of science and technology innovation talent training systems in both regions. Starting from 2021, the Shanghai Science and Technology Exchange Center, Shanghai Science and Technology Entrepreneurship Center, Shanghai Hong Kong Association of Societies, Hong Kong Science and Technology Park, and Shanghai Hong Kong Federation have formed a five party cooperation mechanism to promote the exchange of scientific and technological innovation talents and technologies between the two regions.

Yao Hai suggested that the two regions could also establish standardized training courses and hold "International Technology Transfer Managers" training courses mainly focused on advanced and applicable technologies and technological innovation management, encouraging technology brokers to become an important force in promoting the transformation of scientific and technological achievements and promoting talent flow between the two regions. This would help Shanghai's high-level talent "tower" accelerate its rise, and the young talent "tower" continue to grow.

The Municipal Science and Technology Commission has responded that in the future, Shanghai will offer customized training courses on international innovation and entrepreneurship, technology transfer and transformation, build a cross regional professional and technological service talent training system between Shanghai and Hong Kong, and promote the transformation and cross regional flow of scientific and technological achievements in the Yangtze River Delta and the Guangdong Hong Kong Macao Greater Bay Area, promoting the transfer, transformation, and application promotion of key areas and projects.

Financial assistance: bridging the "glass door" between science and technology innovation and capital

To enhance innovation strategy capabilities, there is also a need for boosters and catalysts, among which an important step is to bridge the "glass door" between technological innovation and the capital market.

It is absolutely impossible to do science and technology innovation without money. In the view of Ma Dequan, a member of the Municipal Committee of the Chinese People's Political Consultative Conference and Chairman of Taining Education Group, as the third largest financial center in the world after New York in the United States and London in the United Kingdom, Hong Kong has rich channels for venture capital financing, and mainland enterprises can leverage the Hong Kong capital market to achieve financing.

Yan Hao, a member of the Municipal Committee of the Chinese People's Political Consultative Conference and partner of Jun Zejun Law Firm, takes the example of a science and technology innovation company that has settled in Hong Kong Cyberport. From seed funds, cultivation programs, accelerators, to overseas expansion, each stage may apply for government funding or be favored by the financial market. "For startups, especially those with financing needs, they can consider starting a business in Hong Kong before entering Shanghai. On the one hand, the company can expand globally through Hong Kong, and on the other hand, it can enter the mainland market with 1.4 billion people by landing in Shanghai."

Some members also mentioned the listing reforms in Hong Kong in recent years. In 2018, the Hong Kong Stock Exchange revised Chapter 18a of its Listing Rules to allow biotech companies with no income or profits to submit listing applications, thereby significantly lowering the IPO threshold. Between 2018 and 2022, a total of 56 mainland biopharmaceutical companies went public in Hong Kong through the "18a" clause, raising HKD 116.3 billion. At the end of March this year, the Hong Kong Stock Exchange began implementing the "18c" clause, which extended the previous support for biotech companies to five high-tech fields and allowed small and strong technology companies from mainland China to go public in Hong Kong. All of these will help mainland innovation companies connect with overseas capital markets and facilitate the rapid integration of capital and scientific and technological innovation achievements.

According to the Hong Kong and Macao Affairs Office of the Municipal Government, in order to leverage the driving force of the multi-level capital market, Shanghai has further promoted more unprofitable biotechnology companies to go public in Hong Kong based on the revised Listing Rules of the Hong Kong Stock Exchange in 2018. As of the end of December 2022, a total of 38 Shanghai enterprises have been supported to list on the Hong Kong Stock Exchange, including 14 biopharmaceuticals, accounting for 37%. In the future, Shanghai will continue to leverage the advantages of science and technology innovation between Shanghai and Hong Kong, facilitate financing channels for science and technology innovation enterprises to go public, strengthen the construction of a reserve science and technology innovation enterprise resource library for going public, and provide incubation, cultivation, and classification support for high-quality science and technology innovation enterprises.

Building a platform: forming a "1+1>2" effect

During the interview, some members mentioned that Shanghai and Hong Kong have abundant scientific and technological innovation resources, and both sides can work together to build a one-stop public technology service platform, covering various aspects of scientific and technological research and development, achievement transformation, industrial manufacturing, and technical services.

The Hong Kong, Macao, Taiwan and Overseas Chinese Affairs Committee of the Municipal Committee of the Chinese People's Political Consultative Conference (CPPCC) pointed out in its proposal that establishing and operating a public technology service platform can not only reduce the R&D investment and burden of enterprises in both regions, but also help enterprises achieve scientific and technological research and development, and promote a deeper integration of industry, academia, and research. For example, Shanghai can collaborate with Hong Kong in fields such as biomedicine, quantum information, financial technology, and artificial intelligence to find the most suitable channels and ways of cooperation. Through a one-stop public technology platform, the two regions can achieve two-way transformation of scientific and technological achievements.

Regarding the suggestions of the committee members, the Municipal Science and Technology Commission replied that it will guide Shanghai's market-oriented technology transfer service institutions to strengthen their connection with Hong Kong universities, enterprises, scientific research institutions, science and technology service institutions, and form service models and products that are in line with the characteristics of the two regions through various policies or measures such as special funds and science and technology innovation vouchers. At the same time, we will actively encourage the docking of Hong Kong's scientific and technological innovation achievements with the Shanghai Technology Exchange, Global Technology Transfer Conference, Science and Technology Direct Vehicles, etc., to form a two-way fast lane for the transformation of scientific and technological achievements.

Some members also suggested that Shanghai and Hong Kong could establish a normalized and long-term working mechanism, and create a number of influential Shanghai Hong Kong science and technology exchange activities through online and offline communication. For example, relying on the Hong Kong International Innovation and Technology Exhibition, as well as important platforms such as the CIIE, CIIE, Pujiang Innovation Forum, and World Artificial Intelligence Conference, promoting technology and intellectual property transactions between the two regions, promoting technology and intellectual property transactions between Shanghai and Hong Kong, and promoting the transformation of scientific and technological achievements.

Now, the cooperation between Shanghai and Hong Kong in science and technology innovation has blossomed and borne fruit. Shanghai Pharmaceutical Group has signed a cooperation agreement with Hong Kong Science and Technology Park to jointly build a biopharmaceutical joint incubator, jointly build a biopharmaceutical innovation platform, and promote the transformation and implementation of achievements; COMAC has also signed talent training agreements and memorandums of understanding for school enterprise cooperation with Tongji University and Hong Kong Polytechnic University, jointly promoting industry university research cooperation in the aviation industry between Shanghai and Hong Kong.

Many members also mentioned the co construction of a "sister park" between Hong Kong Cyberport and Shanghai Lingang Group in March this year. The two sides will strengthen industrial information exchange and resource integration in the future, and jointly build a diversified and sustainable science and technology innovation ecosystem. On one hand, Lingang Group has industrial advantages such as complete industrial chain resources and rich application scenarios, while on the other hand, Cyberport has channel advantages such as communication between domestic and foreign markets and attracting global resources; On one hand, Lingang Group's park enterprises can go global through the Cyberport, and on the other hand, start-ups within the Cyberport can enter Shanghai and even the Yangtze River Delta through Lingang. The cooperation between the two sides will form a "1+1>2" effect.

The committee members look forward to more and more practical cooperation between Shanghai and Hong Kong in the future. As the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, said, "One team runs fast, while the other team jumps high. When everyone joins forces, the entire team runs fast and jumps high." This is the greatest significance of Shanghai Hong Kong science and technology innovation cooperation, learning from each other's strengths to make up for each other's weaknesses, and working together to serve the country.

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