Hong Kong is stepping up its efforts to transform into a global tech hub, backing university-led commercialisation with a funding blitz spearheaded by the Hong Kong University of Science and Technology (HKUST).

Speaking at HKUST’s annual Unicorn Day event on Tuesday, Secretary for Innovation, Technology and Industry Sun Dong said the government had committed over HK$3 billion (US$382.8 million) to 73 projects under the RAISe+ (Research, Academic and Industry Sectors One-plus) scheme.

Launched in October 2023 under the Innovation and Technology Fund, the scheme offers up to HK$100 million per university team, requiring them to successfully commercialise their research and development (R&D) outcomes within five years.

Nineteen projects from HKUST had secured RAISe+ funding, highlighting the university’s “strength in translating frontier research into real world applications”, according to Sun.

That was the highest number among all local institutions, said HKUST president Nancy Ip, noting that she had “not seen such substantial investment by the government until the last few years”.

The scheme came as the Asian financial hub seeks to revamp itself into an innovation and technology centre, with efforts including increased government funding, new data centres for artificial intelligence computing, and the Northern Metropolis megaproject that aims to develop a massive technology zone near the city’s border with mainland China.