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SCMP Reporter

The Government has not devoted enough resources to promote and develop biotechnology, according to Growth Enterprise Market (GEM) listing committee chairman Lo Ka-shui.

'Biotechnology will be the next wave of technology development,' Mr Lo said yesterday at the Hong Kong and US Biotechnology Conference.

The conference was organised by Invest Hong Kong, a government department that was established in July to attract foreign investment to the SAR.

'It takes extensive time and intensive capital investment to develop biotechnology,' Mr Lo said.

He urged the Government to devote more resources to developing biotechnology in Hong Kong, especially in educating biotechnology professionals.

Mr Lo is also a member of the Council of Advisors on Innovation and Technology.

Edmund Lee Tak-yue, senior biotechnology officer at the Innovation and Technology Commission, said the Government recognised the importance of biotechnology development and was supportive of the sector.

Mr Lee said biotechnology was the greatest beneficiary of government funding among all of the technology sectors.

He said the Government had spent HK$2.8 billion since 1994 supporting about 100 biotechnology applied-research projects.

The government has also granted HK$1.5 billion for 33 Chinese-medicine infrastructure and applied-research projects and about HK$450 million for basic research for biotechnology science.

Mr Lee said the Government had committed to continuing to build research infrastructure to promote biotechnology development but would also need the business community's support.

The GEM board could contribute to the development of biotechnology in Hong Kong, according to Mr Lo, as it could provide a channel for companies to raise funds as well as attracting venture capitalists to the sector.

The main board and GEM board together had raised more than HK$40 billion for technology companies, Mr Lo said.

'We are helping the Government to invite more technology companies for listing, including biotechnology. We will continue to put more effort into attracting biotechnology companies,' he said.

On Tuesday, the GEM listing committee approved applications from five companies to raise about HK$500 million from GEM listings, including biotechnology-related company Mindray (Caymans).

Mindray is a medical monitor producer that plans to raise HK$110 million from a GEM flotation in mid-December.



Government urged to devote more resources to development