Financial Secretary Paul Chan on Sunday said a government-owned investment vehicle will sign a cooperation deal on Wednesday with a local "tech unicorn" – a start-up company worth more than US$1 billion.

Writing on his official blog, Chan did not name the company concerned, but said it operated in the artificial intelligence and smart manufacturing field.

He said the tie-up with Hong Kong Investment Corporation will help the business expand research and development investment here, as well as fund training of staff.

The finance minister also said the deal would help the company roll out the use of its AI models in the Greater Bay Area and speed up digital transformation in the region.

Chan added that the purpose of the corporation is to help promote innovation and technology in Hong Kong by attracting enterprises and professionals with high potential.

He noted that the number of tech start-ups in the city exceeded 4,250 last year.