From Pharmaceutical Innovation to Low‑Altitude Economy: Guangzhou Tech Firms Tap Hong Kong as a Launchpad for "15th Five‑Year Plan" Opportunities

A joint interview delegation themed “Leveraging New Advantages to Align with the 15th Five-Year Plan” visited science and technology enterprises in Guangzhou on August 24 to see the outstanding achievements of the Guangdong-Hong Kong-Macao Greater Bay Area and learn about new opportunities for coordinated cooperation there.

Guangzhou Pharmaceutical Holdings, Photo by Bastille Post

Leveraging Hong Kong's Supper-Connector Advantage

Guangzhou Pharmaceutical Holdings Limited is the world’s first Fortune Global 500 company primarily focused on traditional Chinese medicine. In recent years, Guangzhou Pharmaceutical Holdings Limited has pursued multi-dimensional cooperation with Hong Kong and Macao, and its traditional Chinese medicine Pharmaceutical Factory in Ilha Verde, Macao, has entered production. Chen Jiehui, Vice Chairman and General Manager of Guangzhou Pharmaceutical Holdings Limited, said the group has set up joint laboratories with universities such as The Chinese University of Hong Kong, The University of Hong Kong, and the University of Macau to develop innovative pharmaceutical achievements. “The Hong Kong University of Science and Technology has particularly strong technological innovation capabilities, with a technology transfer rate of 30 percent, which is high by global standards,” he said.

Products of Guangzhou Pharmaceutical Holdings, Photo by Bastille Post

Products of Guangzhou Pharmaceutical Holdings, Photo by Bastille Post

Guangzhou Pharmaceutical Holdings Limited also makes full use of Hong Kong’s role as a “super connector.” Chen Jiehui explained that, as an international metropolis, Hong Kong serves as the location of Guangzhou Pharmaceutical Holdings Limited’s treasury and research and development (R&D) centres; through its Hong Kong company, the group has gone overseas to set up subsidiaries in other countries. Guangzhou Pharmaceutical Holdings Limited also leverages the talent strengths of Hong Kong and Macao, having recruited more than 80 professionals from universities in Hong Kong and Macao, and it uses its R&D centres there to attract global talent.

Guangzhou Pharmaceutical Holdings Limited is the world’s first Fortune Global 500 company primarily focused on traditional Chinese medicine. Photo by Bastille Post

Chen Jiehui, Vice Chairman and General Manager of Guangzhou Pharmaceutical Holdings Limited, Photo by Bastille Post

Rooted in Hong Kong, Serving Hong Kong

The media delegation visited PCI Technology Group Co., Ltd. As early as 2020, PCI began working with MTR Corporation, focusing on the digitalisation of ticketing systems, payment methods, and cross-border transport connectivity, including the development of its QR code fare payment system. In April this year, PCI officially became a key enterprise introduced by the HKSAR Government and established an overseas R&D centre in Hong Kong Science Park, taking on the dual functions of serving the smart upgrades of Hong Kong customers and adapting core products for international markets. The corporation is also planning a Hong Kong listing.

PCI Technology Group Co., Ltd., Photo by Bastille Post

Wang Yuemiao, Executive President of PCI’s Central Research Institute, said enterprises from the Chinese Mainland coming to Hong Kong are not simply “moving to Hong Kong,” but play the roles of technology provider, industrialisation promoter, ecosystem co-builder, and international market connector in Hong Kong’s innovation and technology development. “Generally speaking, the strategy is to put down roots in Hong Kong first, then serve Hong Kong, and finally use Hong Kong to go global,” he said.

Wang Yuemiao, Executive President of PCI’s Central Research Institute, Photo by Bastille Post

Previously, PCI took part in several smart city projects in Guangzhou. During large-scale events, for instance, it can use its “traffic brain” and AI agent capabilities to identify pedestrian and vehicle flow trends in advance, helping to formulate traffic organisation plans and improve emergency response efficiency.

PCI Technology Group Co., Ltd., Photo by Bastille Post

PCI Technology Group Co., Ltd., Photo by Bastille Post

PCI Technology Group Co., Ltd., Photo by Bastille Post

Wang Yuemiao said PCI’s traffic brain has multi-source data fusion cognition, region-wide traffic situation simulation, and intelligent decision-making capabilities. He believes that if this model is to be replicated in Hong Kong, two issues need to be addressed: first, data sharing and privacy compliance among different government departments and transport operators; and second, the compatibility of the AI system with Hong Kong’s existing traffic management processes, technical standards, and emergency response mechanisms.

Providing Technical Support for Low-Altitude Economy

Guangzhou EHang Intelligent Technology Co., Ltd., selected as one of the first batch of pilot projects under Hong Kong’s “Regulatory Sandbox X” for the low-altitude economy, is the world’s first listed advanced air traffic company. In 2024, EHang signed a memorandum of understanding with KC Smart Mobility, a subsidiary of Kwoon Chung Bus Holdings Limited, and Cyberport to jointly promote the research, development, and application of unmanned electric vertical take-off and landing (eVTOL) aircraft in Hong Kong.

Guangzhou EHang Intelligent Technology Co., Ltd., Photo by Bastille Post

Guangzhou EHang Intelligent Technology Co., Ltd., the world’s first listed advanced air traffic company. Photo by Bastille Post

EHang products. Photo by Bastille Post

EHang products. Photo by Bastille Post

Xue Peng, Vice President of EHang, said that EHang has largely localised production or has domestic alternatives available. The corporation is providing technical support for the first batch of pilot projects under the “Regulatory Sandbox X” and plans to carry out a landmark maiden flight at the end of August. Xue Peng believes that Hong Kong has potential in the low-altitude economy ecosystem, particularly in rule-making, technology research and development, and commercial operation scenarios in highly urbanised environments.

Xue Peng, Vice President of EHang, Photo by Bastille Post

Xue Peng said EHang has development plans for the Northern Metropolis, but the corporation is currently at an initial contact stage and nothing concrete has been finalized yet. He believes that to promote the regular commercial operation of drones in Hong Kong, it is necessary not only to explore technology but also for the government, research institutions, and other participants to explore the relevant legal framework.

EHang EH216 aircraft, Photo by Bastille Post

EHang EH216 aircraft landing. The model is also part of the first batch of pilot projects under Hong Kong’s “Regulatory Sandbox X” for the low-altitude economy. Photo by Bastille Post

Hong Kong People Serving Hong Kong People

Guangzhou Tianhe Hong Kong and Macao Youth Entrepreneurship Service Centre, characterised by “Hong Kong people serving Hong Kong people,” has served over 10,000 young people from Hong Kong and Macao and incubated more than 600 Hong Kong and Macao start-ups since its establishment. Huang Yuanfeng, Secretary-General of the centre, said it provides services such as entrepreneurship consultation, policy explanation, business registration, recruitment, and office space for Hong Kong and Macao young people starting businesses on the Chinese Mainland. It has brought in more than 30 venture capital institutions and facilitated nearly RMB 120 million in investment for projects.

Huang Yuanfeng, Secretary-General of the Guangzhou Tianhe Hong Kong and Macao Youth Entrepreneurship Service Centre, Photo by Bastille Post

Huang Yuanfeng with the head of an enterprise incubated by the centre, Photo by Bastille Post

Guangzhou Tianhe Hong Kong and Macao Youth Entrepreneurship Service Centre, Photo by Bastille Post

Guangzhou Yiyou Network Technology Co., Ltd. provides convenient services for Hong Kong residents making “northbound medical trips”—travelling to the Chinese Mainland for healthcare. Its co-founder, Yan Jianting, said: “The centre and the local government have provided us with many medical resources, allowing us to cooperate with hospitals and achieve steady business growth.”

Yan Jianting, co-founder of Guangzhou Yiyou Network Technology Co., Ltd., Photo by Bastille Post

Guangzhou Tianhe Hong Kong and Macao Youth Entrepreneurship Service Centre, Photo by Bastille Post

Guangzhou Tianhe Hong Kong and Macao Youth Entrepreneurship Service Centre, Photo by Bastille Post

Iran's currency plunged to a record low on the open market Monday, hours before the U.S. announcement of a new wave of sanctions aimed at further isolating Tehran.

The rial fell to 2.02 million against the U.S. dollar as trading opened on currency markets, while the official exchange rate set by Iran's Central Bank stood at around 1.5 million rials per dollar.

The currency, which was already under pressure before the joint U.S.-Israeli attacks on Feb. 28, has continued to hit new lows as nearly six months of conflict have placed further strain on Iran's economy.

U.S. Treasury Secretary Scott Bessent on Monday warned of an "economic D-Day" for Iran, announcing what he described as "an economic onslaught against Iran's financial connections around the globe."

The new sanctions target five key sectors -- digital assets, technology, gold, aviation and shipping, according to the Treasury Department.

Iran's currency hits record low