Smartmore, an artificial intelligence (AI) and smart manufacturing company based at Hong Kong Science Park, sent out invitations to media for a signing ceremony event with the HKIC on Wednesday.
“After research and careful consideration, the HKIC will on Wednesday sign a strategic cooperation agreement with a Hong Kong unicorn, a technology company specializing in industrial AI large-scale model and smart manufacturing, with a market capitalization of over $1 billion,” Chan wrote in his blog.
“The agreement covers expanding R&D investment, talent development, and promoting the use of large-scale AI models in the Guangdong-Hong Kong-Macao Greater Bay Area, accelerating the region’s digital transformation.”
Authorities had previously said there were more than 10 unicorns in Hong Kong as of the end of last year.
“The application of AI in the industrial sector is relatively fragmented, and it is also difficult to copy the technology across different industries, which has become a drawback for the industry,” Chan said.
“However, the efficient learning and standardization system of large-scale AI models allows us to quickly adjust the technology to adapt to different needs in different industries.”
The Minister for Finance serves as Chair of the HKIC.
Chan stressed on Sunday that utilizing “digitally intelligent” workers will enable mass production with a level of precision that cannot be achieved through human labor.
Founded in 2019, the company specializes in high-speed automated visual inspection of products to help manufacturers detect defects and better manage their inventory.
The company has 10 operations and R&D centres in Hong Kong, Tokyo and Singapore, and a network of representative offices and partners across Southeast Asia and Europe.
The signing ceremony will be attended by Chan, Hong Kong International Finance Corporation Chief Executive Clara Chan, Jia and senior executives from SmartMore, according to the invitation.
HKIC also manages the investment activities of various government funds, including the Hong Kong Growth Portfolio, the Guangdong-Hong Kong-Macao Greater Bay Area Investment Fund, the Strategic Technology Fund and the Co-investment Fund.
Chan also expressed optimism about the growth of Hong Kong’s startups, pointing to a survey in December last year showing the number of startups had risen 7 percent year-on-year to more than 4,250.
He noted that about a fifth of the companies were founded by Westerners, adding that he hopes the initiative will boost the local startup ecosystem.
