The Shenzhen HRSS Bureau and CityU sign an MoU to support Hong Kong young people in innovation and entrepreneurship – Promoting the Shenzhen Angel FOF to set up a special fund for HK Tech 300 start-ups in the Greater Bay Area
City University of Hong Kong (CityU) and the Human Resources and Social Security Bureau of Shenzhen Municipality (the “SZHRSS Bureau”) signed a Memorandum of Understanding (MoU) today (17 March 2023) to jointly establish an innovation and entrepreneurial base for young people in the “HK Tech 300 Co-working Space” of CityU in Admiralty and to promote the establishment of a special fund by investment institutions such as Shenzhen Angel FOF Management Co., Ltd. (“Shenzhen Angel FOF”). The fund will invest in start-up teams supported by HK Tech 300, a CityU innovation and entrepreneurship programme, that establish their business in the Greater Bay Area. In addition, it will support eligible start-up projects with entrepreneurial subsidies, loan guarantees, etc.
Mr Chen Qing, Vice Mayor of the Shenzhen Municipal People’s Government, Mr Zhu Wu, Deputy Secretary-General of the Shenzhen Municipal People’s Government, Mr Zhao Zhongliang, Director of the SZHRSS Bureau, and Mr Li Xinjian, General Manager of the Shenzhen Angel FOF, visited CityU’s “HK Tech 300 Co-working Space” today and shared their insights with HK Tech 300 start-up teams. Mr Chen, Mr Zhu and Mr Zhao co-hosted the plaque-unveiling ceremony of the “Hong Kong-Macao Youth Innovation and Entrepreneurial Base (City University of Hong Kong)”, together with Dr Raymond Leung Siu-hong, CityU Council Member and Board Chairman of CityU Enterprises Limited, Professor Michael Yang Mengsu, CityU Vice-President (Research and Technology) and Chairman of the HK Tech 300 Executive Committee, and Professor Raymond Chan, CityU Acting Vice-President (Student Affairs). Mr Chen, Dr Leung and other guests also witnessed the signing of the MoU between the two parties by Mr Zhao and Professor Yang. Also held at the event was a plaque-unveiling ceremony signifying the collaboration between the “Shenzhen Angel Family” under the Shenzhen Angel FOF and HK Tech 300.
Mr Zhao said in his speech, “As the main government department supporting youth entrepreneurship and employment, the SZHRSS Bureau will establish an innovation and entrepreneurial base for youth with CityU and will collaborate with CityU to promote innovation and entrepreneurship, employment and talent exchange. Leveraging the strengths of the SZHRSS Bureau and CityU, we believe this collaboration will create synergy, as ‘one plus one is greater than two’, and further enhance the employment and entrepreneurship environment and in-depth exchanges for young people in Shenzhen and Hong Kong.”
Professor Yang said in his speech, “CityU strives to provide educational and growth opportunities for its students, and to translate CityU research results and intellectual property into practical applications to benefit society. CityU is also committed to promoting collaboration on innovative research and development, and technology transfer between Hong Kong and Shenzhen. Through the MoU signed by both parties today, I believe this will provide more opportunities for young entrepreneurs and connect industries in Hong Kong and Shenzhen more closely, injecting new impetus into technology and innovation development in the two cities. I would like to thank the Shenzhen Municipal People’s Government for its continuous support to CityU. I would also like to express my gratitude to the Shenzhen Municipal People’s Government on behalf of the young people who will benefit from this MoU.”
According to the MoU, the two parties will jointly build an innovation and entrepreneurship incubation base, and leverage the policies related to innovation and entrepreneurship, the importation of talent, and industrial development in the two cities, facilitating the alignment of resources and helping start-ups establish businesses in the Greater Bay Area.
The two parties will also closely collaborate on innovation and entrepreneurship competitions in Hong Kong and Shenzhen. Shenzhen will promote outstanding start-ups from HK Tech 300 on its related platform, provide entrepreneurial guidance for HK Tech 300 teams that intend to start a business in Shenzhen, and jointly organise activities with CityU to promote the employment of young people and talent exchange between the two places.
Shenzhen will also promote the establishment of a special fund by investment institutions such as the Shenzhen Angel FOF to support selected HK Tech 300 start-ups to set up offices in the Greater Bay Area. The two parties will jointly explore applicable, innovative FinTech models and products that support the transformation of technological achievements, and promote cooperation in technology transfer and providing incubation space.
The Shenzhen Municipal People’s Government has long supported CityU in promoting research. In 2002, CityU was among one of the first higher-education institutions in Hong Kong to set up a research institute in Shenzhen – the Shenzhen Research Institute. And in 2020, CityU was the first higher-education institution in Hong Kong to establish a research institute in the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone – the Futian Research Institute.