But the lawmaker recommends the program be widened: "By allowing cooperation between local and overseas technology research teams to apply funding, we can attract overseas technology research projects with good commercialization potential."

Hong Kong Investment Corp Ltd, the city's government-owned wealth fund with investable capital of HK$62 billion, aims to cement an I&T ecosystem and industry value chain in three sectors - biotech, new energy/green technology, and hard and core technology - by deploying long-term capital.

Since the middle of this year, HKIC has sealed four strategic cooperation agreements with homegrown AI and intelligent manufacturing unicorn SmartMore Corp Ltd, biocomputing model generator BioMap, AI startup Galbot Co, and homegrown Cornerstone Technologies-backed Spark EV Co. The four investee companies commit to international innovation centers in Hong Kong and prioritize training local professionals to spur technology commercialization.

Kenny Shui Chi-wai, vice-president and co-head of research at Our Hong Kong Foundation (OHKF), adds the administration can do more in financial incentives, besides committing venture capital investment. It can mull income tax relief, or loss relief to address venture capital investors' aversion to risk. Slashing corporate tax rates from the existing 16.5 percent for profits above HK$2 million to 5 to 15 percent can enhance startups becoming unicorns and strategic enterprises, thus boosting demand for technology commercialization.