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A total of 100 start-ups have been chosen to join Hong Kong's premier tech incubator, the Hong Kong-Shenzhen Innovation and Technology Park (HSITP). The park, operated by Loop Hong Kong Park Company, will provide mentorship programs lasting between five to eight years, according to CEO Vincent Ma. The selection process involved months of scrutiny, with some firms hailing from local universities.

The mentorship is set to be delivered by industry giants such as AstraZeneca and Xiamen Hithium Energy Storage Technology. The eight-year mentorship is particularly beneficial for life-science start-ups, as it aligns better with the longer research and development cycles typically associated with these firms. Conversely, AI companies typically operate on much shorter timelines, making a five-year mentorship more suitable.

The park's operator has submitted a list of sector-specific firms to authorities for a pilot data flow scheme, which is expected to commence this year. The scheme aims to facilitate cross-border data transfers among firms, with around 10 AI and biotech firms set to be the first to benefit.

The HSITP is situated in the Hetao cooperation zone at the Lok Ma Chau Loop, a joint project proposed by Beijing in 2017. The Hong Kong park spans 87 hectares, while the Shenzhen counterpart covers 302 hectares. The development is a vital part of the Northern Metropolis megaproject, aimed at diversifying the city's economy and was included in Hong Kong's inaugural five-year plan.

Recent land tender for four parcels at the park attracted six bids, with one firm submitting an offer for all four sites. The bids were almost evenly split between Hong Kong and mainland Chinese firms focusing on frontier technologies. Ma pointed out that the tender process for the land differs from a similar one held in Hung Shui Kiu, which drew only two bids. The Hung Shui Kiu site is the first large-scale land sale to merge property development with the creation of an innovation and technology hub.

The Development Bureau has revealed that the projected supply of spade-ready land in the Northern Metropolis over the next decade will total around 2,500 hectares, with annual supply expected to peak at 380 hectares in 2031-32.