The director-general of the Office for Attracting Strategic Enterprises (Oases) on Sunday said the next batch of strategic enterprises would include top pharmaceutical companies, which would conduct clinical trials as well as medicinal research and development in Hong Kong.

In total, Peter Yan said there would be around 10 to 20 firms in this intake, split evenly between mainland and overseas businesses.

A signing ceremony for the official announcement is set for Thursday.

Speaking on a Commercial Radio programme, Peter Yan said while some firms are worth over HK$100 billion, size isn't the only reason they’re coming to Hong Kong.

“To be clear, we don't pick these firms based on things like their size, how much they're investing in Hong Kong, or how many jobs they create,” he said.

“Those are definitely important factors to consider. But more importantly, they need to align with our industrial policy, help grow the ecosystem, and speed up how we put those policies into action and drive flagship projects for industry leaders.”

Yan said the government had requested the enterprises submit a five-year plan, detailing concrete investment figures, job creation targets, and their first flagship project, allowing officials to closely track progress and allocate resources effectively.

Asked whether a penalty mechanism exists if firms fail to meet their targets, Yan stressed that Oases would keep in close contact with them.

He added that certain government subsidies would only be disbursed once firms reach specific targets, saying he does not believe a formal penalty mechanism is necessary.



Edited by Tony Sabine