Hong Kong Exchanges and Clearing Limited (HKEX) announced on Thursday that it has signed a Memorandum of Understanding (MOU) with Hong Kong Science and Technology Parks Corporation (HKSTP) to explore new biotech and fintech initiatives.
According to the MOU, HKEX will gain access to HKSTP's deep pool of biotech industry experts to assist in its review of biotech listing applications.
HKSTP will assemble a team of experts who will share their knowledge and expertise with HKEX by providing advice on an "as needed" basis, helping to maintain HKEX's robust standards of investor protection and leadership as the world's number two biotech funding hub.
The collaboration on biotech industry expertise comes as HKEX this year marks the third anniversary of its major listing reforms, which included permitting listings of pre-revenue biotech issuers.
Since the reforms, Hong Kong has become the world's second largest biotech fund-raising hub, welcoming 73 healthcare and biotech listings that raised 227 billion Hong Kong dollars (about 29.2 billion U.S. dollars).
As of August this year, more than 50 healthcare companies had submitted listing applications.
HKEX is delighted to be teaming up with HKSTP, a unique Hong Kong institution known for its innovation and expertise, to help drive the continued development of the city's fast-growing biotech and new economy ecosystem, said HKEX Chief Executive Officer Nicolas Aguzin.
"We look forward to working together, collaborating to realize our shared commitment to the community, which is to help support the growth aspirations of the leading companies of tomorrow," he said.
"HKSTP firmly believes biomedical technology and fintech to be core pillars for Hong Kong's innovation-driven future ... This partnership creates the ideal investment platform and innovation ecosystem for the best local and international ventures to succeed and elevate Hong Kong's position as a global biotech and fintech leader," HKSTP Chief Executive Officer Albert Wong said.