TapTechNews May 19th news, comprehensively reported by the South China Morning Post and the Hong Kong China News Agency. The Legislative Council of the Hong Kong Special Administrative Region has approved an appropriation of HK$2.84 billion (TapTechNews note: currently about RMB 2.633 billion) this Friday to establish a research center focused on semiconductor development - the Hong Kong Institute of Microelectronics.
This appropriation was approved after a 3-hour meeting of the Finance Committee of the Legislative Council, which will pave the way for the establishment of the Institute of Microelectronics and lead the cooperation among universities, research centers and the industry in the research and development of the third-generation semiconductors. It is reported that the Hong Kong Special Administrative Region will also approve another plan: HK$10 billion (currently about RMB 9.27 billion) will be used for the New Industrialization Acceleration Program.
According to the report, the research center will be located in Yuen Long Innovation Park, accommodate two pilot production lines of the third-generation semiconductors, and allow start-ups and small and medium-sized enterprises to complete operation tests before commercializing their products. In addition, the semiconductors produced by this center are also expected to be used in the development of new energy vehicles and the realization of renewable energy solutions.
Sun Dong, the Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region, emphasized in the Legislative Council that the leadership and breakthrough power of Hong Kong's innovation and technology are recognized worldwide. Previously, there was mainly a lack of midstream transformation and downstream industrial development, which was missing a leg. The goal of building this research institute is to establish a multifunctional platform that can support the top personnel from universities, research centers and the industry to gather together, attract talents, capitals and even technologies from all over the world to Hong Kong, and eventually open up a new world of the semiconductor industry in Hong Kong.
The Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, first announced the semiconductor-related measures in the policy address last year. And in the New Industrialization Acceleration Program approved in this meeting, companies in the strategic key industries will receive a maximum of HK$200 million (currently about RMB 185 million) in financial support for each project.