Hong Kong’s push for innovation is gaining momentum as the city officially welcomed blockchain protocol Polkadot. The company joins the fifth batch of strategic enterprises under the “Office for Attracting Strategic Enterprises” (OASES) initiative, highlighting Hong Kong’s growing ambition to establish itself as a global hub for Web3 development and digital innovation.
Polkadot Expands into Hong Kong
According to Hong Kong’s Wen Wei Po, Polkadot will set up a local presence to focus on research, development, and business expansion. As a leading layer-one blockchain network known for its interoperability and decentralized governance, Polkadot’s arrival reinforces the city’s efforts to integrate blockchain technology into its broader tech ecosystem.
Hong Kong’s innovation push is accelerating as the city officially welcomed blockchain protocol Polkadot among the fifth batch of strategic enterprises under its “Office for Attracting Strategic Enterprises” (OASES) initiative. The move underscores Hong Kong’s ambition to position itself as a global hub for Web3 development and digital innovation.
Fifth Batch of Strategic Enterprises
The latest OASES cohort features 18 companies spanning artificial intelligence, biotechnology, and cultural and creative technology. Nearly 40% are international enterprises, reflecting Hong Kong’s growing global appeal. For the blockchain sector, Polkadot’s inclusion is a milestone, marking one of the first protocol-level projects to formally align with the city’s innovation policies.
OASES Program Expands Hong Kong’s Innovation Footprint
Launched in late 2022, the OASES program aims to attract world-class firms and strengthen Hong Kong’s position as a technology and finance powerhouse. With the fifth batch, Hong Kong has now partnered with 102 major enterprises in just two years. Collectively, these companies are expected to bring in around 60 billion yuan (US$8.3 billion) in investment and create over 22,000 high-quality jobs.
Yam Jingxin, Director of OASES, highlighted that the new additions reflect growing international confidence in Hong Kong’s policy direction. He emphasized the city’s unique advantages, including its proximity to mainland innovation hubs like Shenzhen and a strong financial infrastructure, making it an ideal base for next-generation industries.
Innovation, Culture, and Global Collaboration
The fifth batch also marks the first inclusion of cultural and creative enterprises, combining technology with art and entertainment. This expansion underscores Hong Kong’s effort to build a diverse, future-ready economy. Financial Secretary Paul Chan Mo-po noted that the city’s open culture, global connectivity, and robust creative industries make it a natural hub for digital innovation.
Other notable additions include mainland internet company Xiaohongshu, British pharmaceutical giant GlaxoSmithKline (GSK), and autonomous driving technology developer WeRide. Together, these companies bring a mix of global expertise and emerging technologies to Hong Kong’s innovation ecosystem.
Strong Commitment to Local Operations
Nearly 90% of the 102 enterprises under OASES have established regional or international headquarters in Hong Kong. About half are already listed locally, while others are preparing for future listings. Many are setting up R&D facilities and pilot projects in fields such as clinical research, AI, and blockchain applications.
Yam Jingxin noted that these enterprises are not just investing capital—they are establishing tangible operations and collaborating with local institutions. For example, several pharmaceutical companies have begun clinical trials in partnership with universities and hospitals in Hong Kong.
A Global Vision for Innovation
Polkadot’s inclusion marks a significant step for both Hong Kong and the Web3 industry. As the city seeks to become Asia’s blockchain capital, having a major protocol-level player onboard strengthens its credibility. With government-backed initiatives now attracting blockchain, AI, and biotech firms, Hong Kong’s transformation into a global innovation hub is no longer just a policy goal—it is becoming a tangible reality.
