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Hong Kong Government Fund Partners with Beijing Biotech Startup in $8 Billion Deal

Discover how Hong Kong's $8 billion government fund teams up with Biomap to boost tech innovation and attract global investments
June 25, 2024

The Hong Kong Investment Corporation (HKIC), managing HK$62 billion (US$8 billion) in assets, has forged a significant partnership with Biomap, a biotechnology firm co-founded by Robin Li Yanhong, founder of Baidu. This move marks HKIC's second public initiative as Hong Kong intensifies efforts to bolster its technology sector.

Under this collaboration, Biomap will establish BioMap InnoHub, an accelerator aimed at nurturing more than 50 early-stage R&D projects in cutting-edge life sciences. Priority will be given to projects recommended by Hong Kong's universities and ecosystem partners, signaling a strategic push towards fostering innovation within the city.

HKIC's involvement extends beyond mere investment; it will also lead Biomap's current financing round, thereby setting the stage for other investors. At a recent signing ceremony, HKIC CEO Clara Chan Ka-chai highlighted the fund's role in defining the terms of this round.

Hong Kong's Financial Secretary Paul Chan Mo-po emphasized the city's strong foundation in AI and life sciences, stressing the importance of advancing bio computing to secure a leading position in global innovation.

Biomap, established in 2020 by leaders from Baidu, specializes in providing AI models for accelerating drug discovery for pharmaceutical and healthcare sectors globally. CEO Wei Liu expressed confidence in Hong Kong's capabilities, citing its robust data and intellectual property protections as decisive factors in choosing the city for expansion.

The partnership with Biomap follows HKIC's earlier collaboration with SmartMore, underscoring Hong Kong's appeal as a preferred base for tech innovation and potential IPOs. Paul Chan affirmed Hong Kong's commitment to supporting companies like Biomap in leveraging the city's financial platforms for growth.

Looking ahead, Biomap plans to prioritize Hong Kong for its future IPO, aligning with the city's ambitions outlined in its I&T development blueprint, which targets health technology alongside data science, advanced manufacturing, and new energy.

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