On the morning of June 12th, the Hong Kong Investment Management Limited (hereinafter referred to as: HKIM), a fund institution established by the government of the Hong Kong Special Administrative Region of China with a support of 62 billion Hong Kong dollars (8 billion US dollars), announced the signing of a strategic cooperation agreement with AI unicorn SmartMore Group.

This cooperation between HKIM and SmartMore Group in the fields of AI and intelligent manufacturing covers the AI industry chain, talent cultivation, and enhancement of Hong Kong's computing power level. It will promote the broader application of large model innovation in the Greater Bay Area and establish Hong Kong's first artificial intelligence research institute, which is of great significance.

HKIM Focuses on Hard Technology, Life Sciences, and New Energy

Technology HKIM has initially focused on three themes: hard technology, life sciences, and new energy technology, including artificial intelligence, data science, and semiconductors in the field of hard technology.

The development of artificial intelligence has four core elements: algorithms, chips, data, and application scenarios. HKIM has also made some layout in these areas. It is believed that with the support of the country and Hong Kong's massive and diverse scenario advantages, supporting data closely linked with industry and life will fully reflect the market structural value in the data.

In addition to the signing ceremony on the 11th, HKIM also announced that there will be activities involving biotechnology in July, and activities related to new energy technology in August. It reiterated that HKIM undertakes a dual mission, which is to strive for reasonable returns and promote a more prosperous innovation and technology ecosystem.

SmartMore Group Founder and Chairman Jia Jiajia said that the cooperation with HKIM can effectively integrate resources and enhance the innovation capabilities of the innovation and technology industry. SmartMore will cooperate with a university in Hong Kong to start the project of establishing an artificial intelligence research institute in Hong Kong in the second half of the year, focusing on master's and doctoral programs in the field of artificial intelligence. The preparatory work is expected to be completed next year and the first batch of students will be recruited. The group plans to add hundreds of employees in Hong Kong in the next five years and will cultivate more talents in artificial intelligence and high-end manufacturing industries.

SmartMore serves more than 50 leading enterprises worldwide and the listing depends on the overall economic situation.

SmartMore Group Founder and Chairman Jia Jiajia pointed out at the ceremony that SmartMore is currently serving more than 50 leading customers worldwide, including Apple Inc., Tesla, BYD, Carl Zeiss, etc. He emphasized that SmartMore will base itself in Hong Kong to promote new industrialization and help accelerate the upgrade of Hong Kong's industries, saying: "Being valued by HKIM and becoming the first strategic cooperation company of HKIM proves SmartMore's leading position in technology and market breakthrough."

Hong Kong bets on AI, Hong Kong cannot be absent from AI development.

On June 11th, the Hong Kong Personal Data Privacy Commissioner (PCPD) of the Hong Kong Special Administrative Region government also released the first AI data protection guide to the community, committing to strengthen compliance inspections. This is the most comprehensive AI-related supervision guide in Hong Kong to date. It is clear that the Hong Kong Special Administrative Region is increasing its investment in the AI field to keep up with the new round of global AI wave.

In fact, a report released by Microsoft and LinkedIn shows that the use of AI in Hong Kong society has increased significantly. The report found that 88% of knowledge workers in Hong Kong use generative AI software tools, higher than the global average of 75%.

With the new round of AI boom sweeping the globe with ChatGPT, Sun Dong, the Director of the Innovation, Technology and Industry Bureau of the Hong Kong Special Administrative Region, said in February last year that the Hong Kong government will set up a special task force to deal with the "disruptive" technological achievements such as ChatGPT.

From August 2023 to February this year, the PCPD conducted compliance inspections on 28 local institutions to review their personal data collection and protection practices related to the use of artificial intelligence. According to the report released in February, the agency found that 21 of these institutions used AI in their daily operations.

At present, China and the United States have become the forefront of global AI technology development, and the two countries are conducting comprehensive innovation competition around AI technology. At the same time, the mainland has proposed that AI technology is the core of "new quality productivity". Therefore, the Hong Kong government is increasing its support for AI. Chen Maobo said that Hong Kong is moving towards the goal of an international innovation and technology center and cannot be absent from the development of artificial intelligence. He encourages more startups like SmartMore Group to consider Hong Kong as a listing place and inject more vitality and momentum into the Hong Kong securities market.