As the 2024-25 Budget proposes allocating significant resources to promote scientific research and transformation in areas such as life and health sciences and artificial intelligence (AI), City University of Hong Kong (CityU) is actively synergising its scientific research with its innovation and entrepreneurship programme, HK Tech 300, to drive the development of the related technology. CityU announced the establishment of the Institute of Digital Medicine to explore digital health solutions earlier this year and set up the School of Data Science six years ago to promote related teaching and research applications. Notably, over 60% of the start-ups supported by the HK Tech 300 Angel Fund are focusing on these two areas. Moving forward, HK Tech 300 will continue to promote the transformation of the University’s world-class research into applications, nurture young people and deep-tech start-ups, and help Hong Kong develop its innovation and technology industry.

The Budget, announced by Financial Secretary Mr Paul Chan last month, proposed allocating HK$3 billion for an AI Subsidy Scheme to help local universities, research and development institutions, enterprises, and so forth, harness computing power and achieve scientific breakthroughs. It also proposed allocating HK$6 billion to provide grants to local universities to collaborate with Mainland and overseas organisations to establish life and health technology research institutes to facilitate relevant research and development activities and the transformation of research results into practical applications. The Budget also proposed a number of measures to support cutting-edge scientific research.

The academic and research standards of universities in Hong Kong have long been recognised internationally. CityU was ranked 70th in the QS World University Rankings 2024 and 82nd in the Times Higher Education World University Rankings 2024, placing it among the top 100 universities in the world. Also, 27 CityU academics were listed in Highly Cited Researchers 2023 by Clarivate, placing CityU 44th globally and 10th in Asia.

Internationally recognised research capacity

CityU is a leader in life and health technologies, data and AI. A research team led by Professor Wang Cheng from the Department of Electrical Engineering developed a world-leading microwave photonic chip that uses optics to perform ultrafast analogue electronic signal processing and computation up to 1,000 times faster than conventional electronic processors. This will help build a new generation of AI systems that are faster and more efficient and consume less energy, covering areas such as 5/6G wireless communications and high-resolution radar.

The research was published last month in the prestigious international journal Nature. Professor Wang was also awarded the Croucher Innovation Award 2020 for his contributions to the development of compact and high performance integrated photonic chips.

In 2018, CityU established the School of Data Science, one of the first data science schools in the world, covering the application of data science in areas such as financial technology, information technology, smart cities and industry. As the first university in Hong Kong to adopt and implement the advanced concept of “One Health”, CityU announced last month that it will collaborate with medical schools of renowned universities in Australia, Israel, Singapore and the United States, and expects to establish the Institute of Digital Medicine this year to explore digital health solutions to protect the long-term interests of patients.

HK Tech 300 promotes research transformation

Professor Michael Yang Mengsu, Senior Vice-President (Innovation and Enterprise) of CityU, said, “Excellent research should not be confined to campuses and laboratories. The launch of CityU’s flagship innovation and entrepreneurship programme HK Tech 300 and the establishment of CityU Academy of Innovation is a vivid demonstration of the University’s commitment to promoting innovation and entrepreneurship education and to helping Hong Kong develop its innovation and technology industries. We are committed to providing more diversified development opportunities for young people, while transforming CityU research and intellectual property into practical applications for the benefit of society.”

To date, HK Tech 300 has nurtured more than 140 start-ups with Angel Fund investment of up to HK$1 million each. About 20% of the start-ups specialise in biotechnology and healthcare, and about 40% specialise in information technology and AI. The programme also has more than 180 seasoned entrepreneurs and industrialists who act as mentors and has more than 90 public and private organisations as strategic partners, co-investment partners or support organisations.

One of the companies supported by the HK Tech 300 Angel Fund, Tolo Digitech Limited, is a start-up established by the Laboratory for AI-Powered Financial Technologies Limited (AIFT). Jointly founded by CityU and Columbia University, AIFT is the only FinTech research lab supported by InnoHK, an initiative by the HKSAR government to transform research into innovation. Professor Yan Houmin, Director of AIFT and Chair Professor of Management Sciences at CityU, and his team developed an integrated service platform as their first commercialised project – the “Supply Chain Finance Solution”. Through AIFT’s advanced data-driven and AI technologies, the platform will help financial institutions assess the operational status of cross-border e-commerce merchants (i.e. lenders) more efficiently and manage their credit and operational risks more effectively, thereby helping cross-border e-commerce merchants explore more business and financing opportunities. The team anticipates that the platform will be backed up by HK Tech 300 through a series of comprehensive support, including industry support, investment matching and other resources in the industry.

Another start-up, GeneNet Limited, specialises in life and health technologies. It joined HK Tech 300 by using CityU’s patents and was awarded the HK Tech 300 Angel Fund. GeneNet is developing an “AI+Bioinformatics” analysis system to accurately predict the efficacy of preclinical drugs and their cardiac side effects at the preclinical phase through AI and genetic circuit technologies and the application of organoids (simulated organs). This will contribute to the development of the biopharmaceutical industry. The team believes that the HK Tech 300 funding will help them build relationships with potential customers and partners to further expand their business.