Hong Kong Science and Technology Parks Corporation

Last updated

Hong Kong Science and Technology Parks Corporation
Native name
香港科技園公司
Company typeStatutory Body
IndustryScience and Technology
FoundedMay 2001
Headquarters5/F, Building 5E, 5 Science Park East Avenue, Hong Kong Science Park (with effect from 21 January 2019),
Hong Kong
Key people
Sunny Chai Ngai Chiu (Chairperson)
Website Official website

Responsibilities

HKSTP manages facilities and provides value-added services for the technology, research and development sector in Hong Kong. [1] These facilities include Hong Kong Science Park (for technology companies), InnoCentre (for design enterprises), and three industrial estates at Tai Po, Yuen Long and Tseung Kwan O (for a range of skill-intensive business sectors) [1] as well as the Technology Incubation Programme. According to the Government, Hong Kong Science Park is the 'flagship technology infrastructure' in Hong Kong. [2] Considerable R&D office space (330,000 square metres) and job opportunities (15,000) are provided. [2]

Overview

HKSTP Key figures as of 31 May 2024:

Hong Kong Science and Technology Parks Corporation Ordinance (Cap. 565) takes effect at the establishment of Hong Kong Science and Technology Parks Corporation (in Chinese 香港科技園公司). The Ordinance states the functions, purposes, rights and obligations of HKSTP. [3] As HKSTP is the merger of the Hong Kong Industrial Estates Corporation, the Hong Kong Industrial Technology Centre Corporation and the Provisional Hong Kong Science Park Company Limited, it has inherited the rights, obligations, assets and liabilities of the above organisations. [3]

Section 8 of the Ordinance confers power on HKSTP to serve its purposes by means which are ‘expedient’, ‘conducive’, ‘reasonably incidental’ and consequential’. [3] Under section 8, some examples of the power vested are acquisition of property, entering into contract and carrying out works for founding, enhancement or development of its premises. [3]

Internal structure

The Board is responsible for formulating overall strategic directions and policies of the corporation and overseeing management of the business.

The Board consists of 17 Non-Executive Directors. Among the 17 Directors are 16 Board Members and 1 chairperson who is currently Sunny Chai Ngai Chiu. [4] The chairperson is appointed by the Chief Executive of HKSAR and the board members are appointed by the Financial Secretary. [4] All Board Members do not receive honorarium for their work. [4] When a term of service ends, the board members may be reappointed. [4]

The Board performs its role by devising the key strategic plan, monitoring the execution of such plan, approving the ‘annual budget’, ‘corporate key performance indicators’, ‘10-year financial projection’ and major development plans. [5] In particular, the Board safeguards HKSTP from potential risks by making sure effective controls are in practice. [5]

The Board supervises five standing Committees, namely Business Development and Admission Committee, Finance and Administration Committee, Projects and Facilities Committee, Audit Committee, as well as Senior Staff Administration Committee. [5] Investment Committee and two subsidiary companies namely were set up in 2015. [6]

Investment Committee and two subsidiary companies, namely STP Corporate Venture Limited and STP Asset Holding Limited, which were set up in 2015. [6] The two subsidiary companies are the investment holding companies of the Corporate Venture Fund. [6] They are responsible for the administering of the Fund and reporting to the Finance and Administrative Committee regularly. [6] The Investment Committee supervises the work of Corporate Venture Fund and approves its investment and divestment decisions. [6]

Finance

The Hong Kong Government is the sole shareholder of HKSTP. [7] The Financial Secretary may inject equity into the authorized capital of HKSTP by publishing in the Gazette. [8] At the same time, HKSTP may issue its share to the Government. [9]

HKSTP says it will operate according to "prudent commercial principles". [10] Their plan is for the Hong Kong Government to not need to continually fund the HKSTP. [11]

HKSTP plans to send annual financial reports to the Secretary. [12] The Secretary in turn sends a copy of the financial reports to the Legislative Council (LegCo). [13]

In March 2018, Paul Chan Mo-po announced HK$40 billion funding for the science park, including HK$20 billion for building in the Lok Ma Chau Loop the first phase of the Hong Kong-Shenzhen Innovation and Technology Park, owned by HKSTP; and HK$10 billion allocated to the park for supporting its tenants and building infrastructure and facilities. [14]

In October 2018, HKSTP announced the launch of the first phase of roll-outs utilising the HK$10 billion funding support provided by the HKSAR Government. [15]

Financial position of HKSTP on 31 March 2018

Hong Kong Science and Technology Parks Corporation
Traditional Chinese 香港科技園公司
Simplified Chinese 香港科技园公司
Transcriptions
Standard Mandarin
Hanyu Pinyin Xiānggǎng Kējìyuán Gōngsī
Yue: Cantonese
Yale Romanization Hēung góng fō geih yùhn gūng sī
Jyutping Heong1 gong2 fo1 gei6 jyun4 gung1 si1
Items [16] Amount (HK$)
Surplus and total comprehensive income for the year$148.958 m
Net Current Asset$9.786 b
Total Equity$15.463 b

Projects

Current projects

HKSTP currently manages and operates the following:

HKSTP has also held a number of incubation programmes. Corporate Venture Fund is announced by the Financial Secretary in 2015-16 Budget Speech.

Controversies

HKSTP has faced criticism that the development of Hong Kong Science Park is a white elephant. [18] Legislative councillor Lam Tai-fai stated that the cost of the first stage and second stage of construction of the Park were 2.9 billion and 3.8 billion respectively, but the third stage was 4.8 billion. [18] He cast doubt over the soaring construction cost of the Park. [18] Another councillor Regina Ip argued that HKSTP had prioritised the outlook of the infrastructure over the construction cost which leads to high rental rate and management fee. [18] She raised the icon building, "Gold Egg" as an example. [18] In response to such comments, Rita Lau, the Secretary for Commerce and Economic Development emphasized that they did not consider the outlook as a top priority and a considerable portion of construction cost was spent on high-tech laboratories and sterile rooms which are necessary for the purposes of the Park. [18]

In an article in Apple Daily, a representative of the tenants at the Science Park reflected that a lot of tenants were moving out due to the soaring and unaffordable rental rate. [19]

Fanny Law, the previous chairperson of the Board of HKSTP, responded to the ‘white elephant’ claim and affirmed the value of HKSTP by sharing the viewpoint of Tien Chan-Lin. [20] Tien Chan-Lin is a former University of California Berkeley chancellor who pushed forward the establishment of Hong Kong Science Park in late 1990s. [20] He once raised that the Government should be responsible for the availability of comprehensive and continuous support to the research and development sector at different levels. [20] However, Law acknowledged that HKSTP had not reached its full potential in both providing supports the industry at all levels and gaining support from all relevant stakeholders in the community, industry and academia. She observed that these two key elements were absent in the past 14 years, hence the HKSTP did not perform up to what the public has anticipated. [20]

For the Lok Ma Chau Loop development plan, Legislative councilor Charles Peter Mok argued that it may not benefit local companies due to the remote location of Lok Ma Chau Loop. [21]

Sunny Chai

In October 2023, officials entered Sunny Chai's house and found illegal unauthorized structures that were not there when he purchased the house, including a garden built on government land. [22]

Related Research Articles

<span class="mw-page-title-main">Government of Hong Kong</span> Executive authorities of Hong Kong

The Government of the Hong Kong Special Administrative Region is the executive authorities of Hong Kong. It was established on 1 July 1997, following the handover of Hong Kong.

<span class="mw-page-title-main">Kowloon-Canton Railway Corporation</span> Government-owned railway services company in Hong Kong

The Kowloon-Canton Railway Corporation is a Hong Kong wholly government-owned railway and land asset manager. It was established in 1982 under the Kowloon-Canton Railway Corporation Ordinance for the purposes of operating the Kowloon–Canton Railway (KCR), and to construct and operate other new railways. On 2 December 2007, the MTR Corporation Limited (MTRCL), another railway operator in Hong Kong, took over the operations of the KCR network under a 50-year service concession agreement, which can be extended. Under the service concession, KCRC retains ownership of the KCR network with the MTRCL making annual payments to KCRC for the right to operate the network. The KCRC's activities are governed by the KCRC Ordinance as amended in 2007 by the Rail Merger Ordinance to enable the service concession agreement to be entered into with the MTR Corporation Limited.

<span class="mw-page-title-main">Election Committee (Hong Kong)</span> Hong Kong electoral college

The Election Committee is the electoral college in Hong Kong that selects the Chief Executive (CE) and, since 2021, elects 40 of the 90 members of the Legislative Council. Established by Annex I of the Basic Law of Hong Kong which states that "the Chief Executive shall be elected by a broadly representative Election Committee in accordance with this Law and appointed by the Central People's Government ." It is formed and performs its selection function once every five years, even in the event of a CE not completing their term. The membership of the Election Committee was expanded to 1,500 under the massive overhaul of the electoral system in 2021. The Election Committee has been criticised for its "small-circle" electoral basis and its composition favouring pro-Beijing and business interests.

<span class="mw-page-title-main">Law of Hong Kong</span> Judicial system of the Hong Kong Special Administrative Region

The law of the Hong Kong Special Administrative Region has its foundation in the English common law system, inherited from being a former British colony and dependent territory. There are several sources of law, the primary ones being statutes enacted by the Legislative Council of Hong Kong and case law made by decisions of the courts of Hong Kong.

<span class="mw-page-title-main">Hong Kong Science Park</span> University science park in Pak Shek Kok, Hong Kong

The Hong Kong Science Park is a science park in Pak Shek Kok, New Territories, Hong Kong. It sits on the Tolo Harbour waterfront, near the Chinese University of Hong Kong. The park is administered by the Hong Kong Science and Technology Parks Corporation, a statutory body established in 2001. Reclamation for the Science Park site at the southern part of the area was completed in December 1999.

<span class="mw-page-title-main">Security Bureau (Hong Kong)</span> Bureau of the Hong Kong Government

The Security Bureau is a policy bureau of the Government of Hong Kong responsible for policies of the maintenance of law and order, exercising immigration and customs control, rehabilitating offenders and drug abusers, and providing emergency fire and rescue services.

Chia-Wei Woo, , was the founding president of the Hong Kong University of Science and Technology. His work included raising funding and recruiting outstanding faculty for the university. With Chung Sze Yuen, Woo created an institution, including a top ranked Business School, known as the HKUST Business School. The school's MBA, EMBA and Executive Education programs have been consistently ranked as Asia's top programs, and in the World Top 50 MBA programs by the Financial Times of London. Woo retired in 2001 after 13 years of service and remains President Emeritus as well as University Professor Emeritus.

The Technology Incubation Programme (TIP) is a government funding program of the Hong Kong Science and Technology Parks Corporation (HKSTP) under the Hong Kong Government.

<span class="mw-page-title-main">Innovation, Technology and Industry Bureau</span>

Innovation, Technology and Industry Bureau (ITIB) is a policy bureau of the Government of Hong Kong. It is responsible for policy matters on the development of innovation and technology and information technology which are the key drivers in this endeavour. The Bureau is led by the Secretary for Innovation, Technology and Industry, currently Dong Sun.

Newborn Town Inc. is a global technology company founded in 2009, which became listed on the Main Board of the Hong Kong Stock Exchange (HKEX) in 2019 under the stock code 9911.

The Hong Kong 2030: Planning Vision and Strategy is a study group tasked with preparing a strategic land use planning framework for Hong Kong up to year 2030. The HK2030 Study aimed to provide strategic framework for future land use in New Territories to address long-term housing demands in the New Development Areas (NDAs) of Kwu Tung North (KTN) and Fanling North (FLN). In 2008 "The North East New Development Areas Planning and Engineering Study" began; it continued until 2013.

<span class="mw-page-title-main">Lok Ma Chau Loop</span> Unincorporated area in Hong Kong

The Lok Ma Chau Loop is a small piece of riverside land transferred to Hong Kong by mainland China on 3 January 2017. It is the proposed development site for the Hong Kong-Shenzhen Innovation and Technology Park.

<span class="mw-page-title-main">Plug-in electric vehicles in Hong Kong</span> Overview of electric vehicles in Hong Kong

The adoption of electric vehicles in Hong Kong is actively supported by the Hong Kong government, which recognizes battery electric vehicles, plug-in hybrids, and conventional hybrid electric vehicles to be environmentally friendly and eligible for financial incentives. As of 31 October 2017, there were 11,039 electric vehicles in Hong Kong, up from less than 100 in 2010. At present, 73 EV models from eight countries have been approved by the Transport Department to be eligible for the incentives. These include 51 models for private cars and motorcycles and 22 models for public transport and commercial vehicles.

<span class="mw-page-title-main">Office of the Privacy Commissioner for Personal Data</span>

The Office of the Privacy Commissioner for Personal Data (PCPD) is a Hong Kong statutory body enforcing the Personal Data (Privacy) Ordinance.

In Hong Kong, assisted-living facilities, referred to by the government as residential care homes, are available for those 65 or over.

An open-ended fund company is an open-ended collective investment scheme structured in the form of a company with limited liability and variable share capital. An OFC provides flexibility for investors to trade their interests in the fund through the creation, redemption and cancellation of shares. OFCs could be set up as public or private funds in Hong Kong.

<span class="mw-page-title-main">Culture, Sports and Tourism Bureau</span> Policy bureau of the Hong Kong Special Administrative Region

Culture, Sports and Tourism Bureau (CSTB) is one of the fifteen policy bureaux of the Hong Kong Special Administrative Region. The bureau is responsible for the policy portfolios of culture, sports and tourism. The agency was established on 1 July 2022. The current Secretary for Culture, Sports and Tourism is Rosanna Law Shuk-pui.

State enterprises in Hong Kong refer to commercial organizations that are either owned or significantly controlled by the Government of the Hong Kong Special Administrative Region (HKSAR). These enterprises operate across various sectors, contributing to the region's economic development and public service provision. The landscape of state enterprises in Hong Kong is shaped by the region's political and economic system, characterized by a high degree of autonomy under the "one country, two systems" principle.

The Municipal Solid Waste Charging Scheme (Hong Kong), also known as the Waste Disposal (Charging for Municipal Solid Waste) (Amendment) Bill 2018, is a system for managing solid waste in Hong Kong. It implements legislation that takes effect on 1 April 2024. It adopts the 'polluter-pay' principle as first suggested by the government in 2005. It provides economic incentives for the general public to be aware of waste disposal volumes and reduce the waste they create by requiring individuals to purchase designated garbage bags or labels before disposing their trash. Waste reduction was seen as a way to delay expanding Municipal Solid Waste treatment facilities. Lessons were taken from experiences in cities such as Seoul and Taipei.

References

  1. 1 2 "GovHK: Support for Innovation, Design & Technology". www.gov.hk. Retrieved 31 January 2024.
  2. 1 2 "Report of the Advisory Committee on Innovation and Technology, p15" (PDF). Advisory Committee on Innovation and Technology. March 2017. Retrieved 28 August 2024.
  3. 1 2 3 4 Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565 (2001).
  4. 1 2 3 4 "Hong Kong Science and Technology Parks Corporation 2017-2018 Annual Report" (PDF). Hong Kong Science and Technology Parks Corporation. 12 September 2018. Retrieved 28 August 2024.
  5. 1 2 3 "HKSTP Annual Report 2016/2017, p33" (PDF). Hong Kong Science and Technology Parks Corporation. 2017. Retrieved 28 August 2024.
  6. 1 2 3 4 5 "HKSTP Corporate Governance Report 2015/2016, p.5" (PDF). Hong Kong Science and Technology Parks Corporation. 2016. Retrieved 28 August 2024.
  7. ↑ Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565-17-17 (2001).
  8. ↑ Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565-17(2)-17(2) (2001).
  9. ↑ Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565-17(5)- 17(5) (2001).
  10. ↑ Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565-7-7 (2001).
  11. ↑ "Item for Finance Committee: CAPITAL INVESTMENT FUND HEAD 962 - INDUSTRY; "Equity in the Hong Kong Science and Technology Parks Corporation"; "Load to the Hong Kong Science and Technology Parks Corporation"" (PDF). Innovation and Technology Commission, Commerce and Economic Development Bureau. 23 April 2010. Retrieved 28 August 2024.
  12. ↑ Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565-22(1)-23(6) (2001).
  13. ↑ Hong Kong Science and Technology Parks Corporation Ordinance, §§ Cap. 565-24-24 (2001).
  14. ↑ "All eyes on Science Park after massive HK$40 billion budget handout". South China Morning Post. 2 March 2018. Retrieved 1 July 2018.
  15. ↑ "HKSTP Accelerates the Growth of Hong Kong's Technology Start-ups and Innovation & Technology Sector with the HKSAR Government's $10 billion Injection". Hong Kong Science and Technology Parks Corporation. 26 October 2018. Retrieved 28 August 2024.
  16. ↑ "Hong Kong Science and Technology Parks Corporation 2017-2018 Report of the Directors and Financial Statements" (PDF). Hong Kong Science and Technology Parks Corporation. 12 September 2018. Retrieved 28 August 2024.
  17. ↑ Hong Kong Science and Technology Parks Corporation. (2017). About HKSTP. Retrieved 5 November 2017, from https://www.hkstp.org/zh-hk/about-hkstp/the-corporation/about-hkstp/
  18. 1 2 3 4 5 6 "耗48億科學園「愈起愈貴」 - 東方日報". orientaldaily.on.cc. Retrieved 31 January 2024.
  19. ↑ Apple Daily. (2012). 租金狂升 配套不足 科學園爆大逃亡 零科研僅剩空殼. Retrieved 18 November 2017, from https://hk.news.appledaily.com/local/daily/article/20121019/18043958
  20. 1 2 3 4 SCMP. (2015). The woman behind Hong Kong's big push to drive technological innovation. Retrieved 18 November 2017, from http://www.scmp.com/tech/science-research/article/1772017/former-politician-behind-hong-kongs-big-push-drive
  21. ↑ Standnews. (2017). 【河套科技園】莫乃光質疑位置偏遠「為誰而建？」 胡志偉憂變相輸入專 才.Retrieved 18 November 2017, from https://www.thestandnews.com/politics/%E6%B2%B3%E5%A5%97%E7%A7%91%E6%8A%80%E5%9C%92-%E8%8E%AB%E4%B9%83%E5%85%89%E8%B3%AA%E7%96%91%E4%BD%8D%E7%BD%AE%E5%81%8F%E9%81%A0-%E7%82%BA%E8%AA%B0%E8%80%8C%E5%BB%BA
  22. ↑ "Unauthorised structures found at Hong Kong government adviser's luxury home". South China Morning Post. 17 October 2023. Retrieved 19 October 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.