Govt investment vehicle secures deal with BioMap
A government-owned investment vehicle has struck a deal with a biotechnology firm started by the founder of Chinese internet giant Baidu, the second such strategic partnership announced in just two weeks.  The Hong Kong Investment Cooperation (HKIC) on Monday signed a cooperation deal with BioMap, which specialises in life science.  The firm, co-founded by Robin Li who also started Baidu, is the second company the HKIC has partnered with. Earlier this month, the investment vehicle signed another agreement with SmartMore, a technology company specialising in artificial intelligence.  Financial Secretary Paul Chan said Hong Kong had a solid foundation in both artificial intelligence and life science, and he was confident more tech companies would come to the SAR.  "Hong Kong has a complete funding chain, ranging from a rich private equity and venture capital ecosystem to a deep and wide listing platform," he said.  "I am confident that more tech companies will choose Hong Kong as their base for [research and development] and international cooperation as well as a platform to explore the broader Asian and global market. And of course, we welcome companies such as BioMap to list on our stock exchange, using our world-class fundraising platform to grow bigger and stronger." Clara Chan, the chief executive officer of HKIC, said the strategic partnerships would focus on the application of artificial intelligence, which had become "the backbone technology for future creation".  "We will not only invest in BioMap, but also lead the current financing round. Leading the round means that the HKIC is setting the parameters and terms of this round for other investors to follow," she said.  Under the partnership, the tech firm will set up its international innovation centre called BioMap InnoHub, which aims to support more than 50 early-stage research and development projects in the life sciences.