Hong Kong is determined on becoming an international center of health and medical innovation as global talent and capital continue to converge on the city, creating opportunities for the biotech sector, Financial Secretary Paul Chan Mo-po said on Thursday.

In a speech at the Biotechnology Investment Forum of BIOHK2026, Chan said Hong Kong remains the world's second-largest biotech fund-raising platform, with close to 300 healthcare companies listed on the Hong Kong Stock Exchange with a combined market capitalization exceeding $480 billion.

“A Hong Kong listing connects emerging pharmaceutical companies with global capital and, at the same time, enables international investors to allocate capital to Chinese innovation,” Chan said, adding that the city’s private equity and venture capital also manage assets amounting to $250 billion – second only to the Chinese mainland in Asia.

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Hong Kong provides strong support for innovation at its earliest stages by channeling long-term capital to advance cutting-edge biomedical research, including the use of artificial intelligence in drug discovery and molecular design, Chan said.

He noted that the Guangdong-Hong Kong-Macao Greater Bay Area is rapidly emerging as a leading center for biomedical innovation.

Chan said Hong Kong's two medical schools rank among the world's top 40 while a third one is being built with particular emphasis on clinical research in the city’s Northern Metropolis.

“We are home to many world-class medical academics, and in recent years our universities have attracted more — among them Nobel laureates and leading authorities in stem cell research and genetics,” Chan said. 

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He said the mainland cities of the Greater Bay Area complement Hong Kong’s strengths with a market of more than 80 million people, advanced manufacturing capabilities and comprehensive industrial supply chains.

“Together, we are deepening collaboration in clinical research and drug approval, with the cross-boundary flow of data, biosamples and other elements essential to innovation,” Chan said.

“It is no coincidence that five of the world's top 10 pharmaceutical companies have already chosen Hong Kong as their regional R&D base,” he added.