Hong Kong Investment Corporation Limited and New Frontier Group Launch Strategic Partnership (February 2025)
Photo 1: Hong Kong Investment Corporation Limited (HKIC) and New Frontier Group held a strategic partnership kick-off ceremony titled “Anchored in Hong Kong, Connecting the Greater Bay Area” this morning. From left: Mr. Antony LEUNG, Co-founder and Chairman of New Frontier Group; Ms. Clara CHAN, CEO of HKIC; Mr. Paul CHAN, the Financial Secretary of the Hong Kong SAR Government; Mr. Carl WU, Co-founder and CEO of New Frontier Group and CEO of United Family Healthcare.
(Hong Kong, 12th February) Hong Kong Investment Corporation Limited (HKIC) and New Frontier Group held a strategic partnership kick-off ceremony titled “Anchored in Hong Kong, Connecting the Greater Bay Area” this morning at the Hong Kong Convention and Exhibition Centre. To better utilize the leading medical research, professional medical system and efficient international networks in Hong Kong, the HKIC and New Frontier Group are working together to facilitate the cross-border medical research and clinical applications. They will also connect vast resources including talents together with the market scale from the Greater Bay Area (GBA) area to expedite Hong Kong’s development into an international healthcare and medical innovation hub.
With the support of the HKIC and according to the strategic partnership agreement, New Frontier Group will be supporting the development of medical research, clinical applications and testing in Hong Kong, contributing the local medical research ecosystem in Hong Kong by:
1. In terms of cross-border healthcare collaboration, an innovative model of "Hong Kong R&D - GBA Transformation" will be established to facilitate the two-way advanced diagnostic and treatment solutions as well as medical technologies. Leveraging preferential policies such as "Measure of using HK registered drugs and medical devices used in HK public hospitals in Guangdong-Hong Kong-Macao Greater Bay Area", New Frontier Group aims to promote the adoption of Hong Kong's advanced medical devices and treatment solutions in the GBA, while enhancing the accessibility of mainland cutting-edge treatment options in Hong Kong. Additionally, efforts will be made to attract worldwide medical talent to settle in Hong Kong.
2. Establishing an international medical research platform and increasing investment in the development of clinical applications and related projects to facilitate clinical research transformations and CRO (Contract Research Organization). By leveraging its extensive healthcare network and partnerships with over 30 domestic and international innovative pharmaceutical and medical device enterprises, as well as health insurance firms, New Frontier Group will facilitate the implementation of critical clinical trials in Hong Kong and the GBA.
3. Promoting the broader application of artificial intelligence (AI) technology in Hong Kong's healthcare sector to create a new model for future health management. By leveraging AI, smart hardware, surgical and nursing robotics, and other advanced technologies, combined with service capabilities, New Frontier Group will facilitate the development of healthcare services toward personalization and intelligence.
Mr. Paul CHAN, the Financial Secretary of the Hong Kong SAR Government, attended the strategic partnership kick-off ceremony this morning as one of our esteemed Guests of Honour, alongside Ms. Clara CHAN, CEO of HKIC; Mr. Antony LEUNG, Co-founder and Chairman of New Frontier Group; and Mr. Carl WU, Co-founder and CEO of New Frontier Group and CEO of United Family Healthcare.
Mr. Paul CHAN, the Financial Secretary, said, “The rapid development of technologies has brought new opportunities to the healthcare industry. Hong Kong has a professional and high-quality healthcare system, top-notch medical talent and research capabilities, as well as a leading capital market in the region. We are making great strides to develop Hong Kong into an international health and medical innovation hub. By investing in life science projects, the Hong Kong Investment Corporation Limited (HKIC) supports the development of different segments of the industry chain. This will attract more cutting-edge tech companies to establish presence in Hong Kong, and promote research on developing pharmaceutical products and medical devices. Meanwhile, HKIC’s formation of a strategic partnership with the New Frontier Group will enhance the synergistic cooperation among medical institutions and resources in the Guangdong-Hong Kong-Macao Greater Bay Area, thereby injecting vitality into the region’s medical tech ecosystem.”
Ms. Clara CHAN, CEO of the HKIC, stated, “Biotechnology is one of the three core investment themes for the HKIC. This collaboration will help accelerate the advancement of medical research and clinical applications in Hong Kong, leveraging the market resources and geographical advantages of the Greater Bay Area to better attract international medical resources and talent, thus further solidifying Hong Kong's position as an international medical innovation hub. This partnership also highlights HKIC’s strategy of leveraging its ability of ‘patient capital’ to continuously invest across the entire innovation chain, technology chain, and industry chain. Through strategic investments, the HKIC aims to drive and accelerate the development of the innovation and technology ecosystem, bringing greater benefits to Hong Kong’s economy and society.”
Mr. Antony LEUNG, Co-founder and Chairman of New Frontier Group, stated, “Hong Kong is a world city and an international advanced medical hub, offering access to the world's latest drugs, cutting-edge medical devices and treatment solutions. By leveraging its international healthcare strengths, Hong Kong can extend its benefits to more patients in mainland China, further solidifying its status as an international medical center. For instance, Hong Kong is the home to many renowned doctors and scholars. New Frontier Group can assist them in sharing their exceptional medical research achievements and expertise with the mainland, fostering collaboration and mutual development.”
Mr. Carl WU, Co-founder and CEO of New Frontier Group and CEO of United Family Healthcare, stated, “The life sciences industry will become one of the key drivers of growth in Hong Kong and the Greater Bay Area. In the future, we will consolidate resources, driven by technology and focused on empowering medical development with AI, to support the innovation and development of healthcare and life sciences in Hong Kong and Greater Bay Area. Today, New Frontier Group hosted the ‘From GBA to Global Health Summit’, creating a platform for the exchange of ideas in medicine, technology, and thought. The summit explored new trends in clinical research, innovative treatment solutions, and cross-border healthcare, aiming to build a thriving ecosystem for the life sciences industry.”
Following the strategic partnership kick-off ceremony this morning, New Frontier Group hosted the first "From GBA to Global Health Summit", which was attended by over 300 domestic and international experts, scholars, and industry guests. The lineup of speakers included senior scholars from universities and medical schools, directors of major hospitals and national medical centers, as well as CEOs of insurance and technology companies. Distinguished guest speakers, including Dr KO Wing-man, Executive Council Non-official member; Prof. Nancy IP, President of the Hong Kong University of Science and Technology; Prof. YUEN Kwok-yung, the Chair in the Department of Microbiology of the University of Hong Kong; and Prof. HE Jianxing, Director of National Respiratory Medicine Center, delivered keynote speeches and participated in panel discussions focusing on the latest developments in clinical research and treatment innovation, life sciences, the transformative role of AI in healthcare, and new trends in cross-border medical and treatment.
Multiple speakers highlighted that Hong Kong has exceptional conditions to develop into an international health and medical innovation hub. The professional and efficient local healthcare system and talent pool, combined with the boundless potential of the GBA, will help create new models for medical research and application. New Frontier Group aims to foster more exchanges of leading-edge technologies, discussions on innovative practices, and policy recommendations through the in-depth dialogues at the summit. This will drive the collaborative development of the healthcare industry in the GBA, positioning Hong Kong and the region as leaders in the global healthcare market.
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About HKIC
The HKIC was established and is wholly owned by the HKSAR Government. As Patient Capital, it carries a dual mandate - seeking reasonable financial return in the medium to long term through optimizing the use of fiscal reserves, and leveraging its ability to guide and channel capital to build a more vibrant innovation and technology ecosystem and industry chain.
The HKIC manages HK$62 billion currently, covering the "Hong Kong Growth Portfolio", "Greater Bay Area Investment Fund", "Strategic Tech Fund" and "Co-Investment Fund". At this stage, it is focusing on three key sectors, namely Hard and Core Technology, Biotech, and New Energy/Green Technology.
About New Frontier Group
New Frontier Group's businesses include United Family Healthcare, a comprehensive primary to tertiary healthcare service provider; Care Alliance, a rehabilitation healthcare service provider; YD Care, a home healthcare service provider; Prosper, a health insurance services provider; Better Insurance Brokerage, a health insurance brokerage; New Frontier Nova, a clinical research centre; New Frontier Digital Home; and United Family Healthcare International Medical Services.
New Frontier Group has established its presence in 92 cities across Mainland China and Hong Kong, operating 11 JCI-accredited international general and specialty hospitals, 22 rehabilitation hospitals, 5 oncology treatment centers, more than 20 clinics and over 300 home healthcare stations. With over 12,000 full-time employees, the Group serves approximately 12 million patients annually.