CUHK and CR Enterprise Sign Cooperation Framework Agreement Facilitating Development of Regenerative Medicine and Renewable Energy in Hong Kong with Investment up to HK$200 Million
To unleash the solid scientific research capability of Hong Kong and advance its development of the innovation and technology industry, The Chinese University of Hong Kong (CUHK) and China Resources Enterprise Limited (CR Enterprise) today (2 August) signed a Cooperation Framework Agreement for establishing a company in Hong Kong, with investment of no more than HK$100 million contributed by each of party in a ratio of 50:50. The aim is to form a regenerative medicine innovation centre in Hong Kong, offering support to the construction of facilities, and to advance research and development, technology transfer and commercialisation in the fields of regenerative medicine and renewable energy.
The Agreement was signed by Professor Alan K.L. Chan, Acting Vice-Chancellor of CUHK, and Mr. Chen Ying, Chief Executive Officer of CR Enterprise. The two parties will commence in-depth cooperation on various aspects to develop Hong Kong as an international hub for innovation and technology by fully utilising the scientific research advantages of CUHK and industrial resources from CR Enterprise. The Agreement also sets out ideas to intensify cooperation in scientific research, investment, and incubation by applying their respective strengths to create a sustainable strategic partnership to the advantage of both, in terms of attracting talented people in science and technology to establish themselves in Hong Kong, and creating a world-class platform for cooperation in technology and innovation.
CUHK and CR Enterprise will concentrate their own talent, capital and industrial resources on facilitating the development of regenerative medicine and renewable energy fields by offering academia and industry infrastructure and supporting services of an international standard to receive greater technological breakthroughs and advanced industrial development in the fields of cell and gene therapy. They will also provide technical and industrial support to promote low-carbon transition.
In the area of regenerative medicine, the company will form a regenerative medicine centre in Hong Kong and build new or expanded Good Manufacturing Practice (GMP) laboratories, production workshops, and related facilities and equipment, to provide academia and industry with infrastructure and supporting services of an international standard. Research resources will be offered for outstanding projects in regenerative medicine, while investment will be made in enterprises with wide market prospects specialising in cell or gene therapies. In the area of renewable energy, the company will identify, invest in and incubate some promising and novel technologies and products, as well as provide technical and industrial support to low-carbon transition. A part of the income from the company will be donated to support collaborative projects in relation to humanities by CUHK and CR Enterprise.
Mr. Chen Ying, Chief Executive Officer of CR Enterprise, remarked, “The partnership with CUHK will address regenerative medicine by making use of the upcoming CUHK world-class GMP laboratory for cell production, and investing capital to develop centres of regenerative medicine and gene therapy in Hong Kong. We will together identify, incubate and accelerate the translation of potential and original research projects in the field of renewable energy from CUHK with financial and experiential support from CR Enterprise.”
Professor Alan K.L. Chan, Acting Vice-Chancellor of CUHK, said, “The 14th Five-Year Plan passed recently has indicated clear support for Hong Kong’s development into an international innovation and technology hub, while the CUHK Strategic Plan 2021-2025 highlights research and innovation as one of the key areas which covers regenerative medicine and renewable energy, to optimise opportunities to generate impactful outcomes across the world. I am very pleased that CUHK and China Resources Enterprise are building a strategic partnership bringing together our respective strengths to amplify impact, support local research and develop the city into an international I&T hub, which will ultimately be the high ground for I&T in Asia.”
About China Resources Enterprise
China Resources Enterprise Limited (CR Enterprise) was established in Hong Kong in 1992 and is the first listed company of China Resources Group. As the Hong Kong flagship subsidiary of China Resources Group, CR Enterprise operates the business of the Group in the district and is responsible for incubating innovation.
Founded in 1938, China Resources Group with 420,000 employees and over 2,000 business entities is one of the leading and most diverse enterprises in Hong Kong and Mainland China. With 12 listed companies (7 H-shares and 5 A-shares), the Group ranks 79th on the 2020 Fortune Global 500 List.
About The Chinese University of Hong Kong
Founded in 1963, CUHK is a leading comprehensive research university with a global reputation. Located in the heart of Asia, CUHK has a vision and a mission to combine tradition with modernity, and to bring together China and the West. Under the University’s unique collegiate system, the programmes and activities offered by its nine colleges complement the formal curricula by delivering whole-person education and pastoral care. The University has eight faculties: Arts, Business Administration, Education, Engineering, Law, Medicine, Science, and Social Science. Together with the Graduate School, the University offers over 300 undergraduate and postgraduate programmes. All faculties are actively engaged in research in a wide range of disciplines, with an array of research institutes and research centres specialising in interdisciplinary research of the highest quality.
CUHK is recognised as the most innovative university in Hong Kong for the fourth consecutive year and is ranked 26th in the Asia-Pacific region by Reuters’ latest “Asia Pacific Region’s Most Innovative Universities” listing. The University currently has more than 1,400 granted patents in different jurisdictions worldwide. Some of these patents have been licensed to relevant industries that help bring these innovations to the market to benefit society. In academic year 2020-21, CUHK received 226 granted patents and filed 386 patent applications for inventions developed in the areas of medical technology, biotechnology, information technology, telecommunications, and materials science.