Financial Secretary Paul Chan on Wednesday said a tie-up between a government-owned investment vehicle and a local tech unicorn will add momentum to Hong Kong's securities market.

The Hong Kong Investment Corporation has signed a cooperation deal with SmartMore, a technology company specialising in artificial intelligence.

"The collaboration between Hong Kong Corporation and SmartMore is a good starting point for advancing Hong Kong's innovation and technology industry towards a brighter future," Chan said in a speech at the signing ceremony.

"In the upcoming months, the Hong Kong Investment Corporation will continue to announce more strategic partnerships and actively pursue direct investments and joint investment projects. These projects will encompass various fields, including life sciences, green technology, and more."

The finance minister also said Hong Kong spent HK$30.1 billion on research and development in 2022, up from HK$21.3 billion in 2017.

Chan added that there were 4,250 tech startups in Hong Kong last year.