Dalton Venture's Steve Sun: Hong Kong tech hub progress 'significant'

According to Steve Sun, the founding managing partner of Dalton Venture, Hong Kong is making noteworthy strides toward establishing itself as a technology hub. In a Thursday interview, Sun remarked that "fundamental, significant changes are indeed taking place" and expressed optimism that Hong Kong could mirror Shanghai's innovation ecosystem within the next ten years. He noted that the government's initiatives aimed at retaining research talent and promoting the commercialization of research outcomes are "gradually taking effect." Last week, Dalton Venture, a venture capital firm based in Shanghai and Shenzhen that specializes in life sciences, was one of nine firms accepted into an enhanced program of Hong Kong's Innovation and Technology Venture Fund (ITVF). Launched in 2017 to draw private investment into the tech sector, the ITVF has partnered with 17 funds and 57 start-ups. The enhanced scheme includes a HK$2 billion (US$250 million) government initiative for co-investment in tech start-ups.