More drug, semiconductor firms eyeing Hong Kong for expansion, OASES head says
Ten to 20 more companies are set to establish or expand operations in Hong Kong, including leading drug makers and a semiconductor business, with a roughly equal number of mainland Chinese and overseas firms, the head of a government investment office has said. Peter Yan King-shun, director general of the Office for Attracting Strategic Enterprises (OASES), a government body under the Financial…
The head of Hong Kong's government investment office, Peter Yan King-shun, revealed that between ten to twenty additional companies, including prominent drug manufacturers and a semiconductor business, are expected to set up or expand their operations in Hong Kong. Yan, who is the director general of the Office for Attracting Strategic Enterprises (OASES), shared this information in an interview on Sunday, with further details anticipated on Thursday.
He indicated that approximately half of these firms would originate from mainland China, while the remaining half would be from overseas. Among the incoming companies are several industry-leading entities with substantial market valuations.
Notably, five of the world's ten largest pharmaceutical companies have already established a presence in Hong Kong, with more drug makers from this group anticipated. These pharmaceutical companies will focus on conducting clinical trials and developing new medicines. Yan emphasized that the government aims for pharmaceutical firms to contribute to the city's industrial development rather than merely selling medicines.
He shared that the office is working to attract semiconductor and advanced manufacturing businesses as well. An established global company among the incoming batch has already brought suppliers and related businesses to cities where it has previously invested, and Hong Kong hopes to benefit similarly.
Yan clarified that while company size, investment amounts, and job creation are factors in selecting firms, they are not the sole considerations. The office has engaged in discussions with over 100 companies and plans to become more selective as it seeks to align with Hong Kong's industrial policies and enhance the city's industrial ecosystem.
Strategic enterprises are required to submit five-year plans outlining their investments and job creation projections, with more detailed information needed for the first and third years. The office also places significant emphasis on companies identifying their initial flagship project in Hong Kong.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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