The Alibaba Group is the owner of the Post.

The enterprises, 45 per cent of which are from the life and health technology, new energy and microelectronics sectors, are expected to invest billions of dollars in the park and create thousands of jobs.

The park is included in Hong Kong’s San Tin Technopole area, which is planned to become the city’s premier I&T centre.

HK$24 billion investment boost for Hong Kong’s I&T sector to drive tech economy

Lee said the 300-hectare (741-acre) site would support Hong Kong’s rise as an international I&T hub.

It will be developed in two phases, from west to east. The first three buildings under phase one are scheduled for completion from the end of 2024 on.

“Our prowess not only cultivates a versatile workforce, but also attracts talent from around the world,” Lee said.

“That, in turn, brings a rising tide of strategic companies, entrepreneurs and start-ups turning to Hong Kong for their future.”

Sun Dong, the innovation, technology and industry secretary, said about a quarter of the companies were from overseas.

Hong Kong leader John Lee says cross-border tech hub will be reality by 2035

“This diverse portfolio highlights Hong Kong’s unique advantage as an international city,” he said. “Also, today’s partnership casts a big vote of confidence in the development of the park, as well as Hong Kong’s I&T development.

“The park will become our most strategic and important I&T platform that transcends beyond our boundary with the mainland.

“Today’s ceremony is one of our key milestones and I can say it is just a beginning. More and more good news is coming.”

Park CEO Vincent Ma said some partners would become its tenants in the two wet laboratory buildings – where physical tests are carried out – and set up advanced research and development centres. Others would support the development of the firms and the park’s I&T centre, he added.

Zhi Zhe, executive vice-dean of China Resources Research Institute of Science and Technology which is among the enterprise partners, said his firm planned to set up a biotech testing centre with a 30,000 sq ft lab and 200 workers, and aspired to develop medical breakthroughs.

“We chose to set up shop in the Lok Ma Chau Loop because Hong Kong provides very good resources for conducting R&D on life and science technology … The government has also provided policy support for us,” he said

“Besides, Hong Kong is very international, which can facilitate the exchange of life and health technology and help us tap the international market with our medical breakthroughs.”

Biopharmaceutical company Hutchmed, which focuses on cancer drugs and targeted therapies, planned to set up an R&D centre in the park as the firm could enjoy the best of both worlds from the mainland and Hong Kong, executive director and chairman Simon To said.

“It’s like being in China [with great access to patients’ data], but enjoying the benefits of Hong Kong … We are an international finance centre with freedom of capital movement and the low tax rate,” he said.

Shawn Liu, chairman of China Biotech Services Holdings, said the park could provide strategic access to serve patients in the Greater Bay Area, Beijing’s plan to link Hong Kong and Macau with nine cities in Guangdong province to form an economic powerhouse.

The firm has partnered with Stella Pharma and Sumitomo from Japan to introduce the first Boron Neutron Capture Therapy (BNCT) technology for cancer treatment to Hong Kong.

“We would like to set up an integrated cancer diagnostic and treatment centre in the park for a one-stop service involving R&D, production, and treatment. The park is an ideal place for us to install all the equipment,” he said.

“With the supporting medical policies in Hong Kong, we can develop some advanced cancer treatment and immediately bring new products to the market.”