Hong Kong AI Biotech Startup METiS TechBio Draws Major Investor Demand in IPO

Investors are beginning to place bigger bets on AI startups focused on drug delivery infrastructure rather than drug discovery alone. That shift was on display this week after METiS TechBio, a Hong Kong tech-bio startup focused on AI-powered drug delivery systems, debuted on the Hong Kong Stock Exchange.

The listing made METiS TechBio the world’s first publicly traded AI-powered drug delivery startup and the first AI-powered large-molecule biopharmaceutical startup listed in Hong Kong. The startup raised more than HKD 2.1 billion through its IPO, making it the largest healthcare listing in Hong Kong so far in 2026.

Investor demand was unusually strong. The Hong Kong public offering was oversubscribed by more than 6,900 times while the international tranche recorded 82 times oversubscription. More than 280 institutional investors participated in the international placing.

The strong demand reflects a wider shift in AI biotech. Over the past few years, much of the sector’s attention has focused on using AI to discover new drugs or molecules. METiS is taking a different approach. The startup focuses on how medicines are delivered inside the body after they are developed.

That challenge is becoming harder to ignore in biotech. Designing a therapy is only one part of the process. Delivering it precisely to specific organs, tissues or cells remains a major hurdle, especially for newer therapies involving RNA, proteins and large-molecule drugs.

METiS is trying to solve that problem through its proprietary NanoForge platform. The system uses AI to design and test nanodelivery systems that help medicines reach targeted areas inside the body more efficiently. The platform combines AI models, simulation systems and high-throughput screening tools to speed up formulation development and improve delivery precision.

The startup says it has already achieved targeted delivery across eight organs and tissue systems including the liver, lungs, heart, muscles and central nervous system.

One of its lead programs, MTS-004, became China’s first AI-enabled formulation drug to complete a Phase III clinical trial. The drug is being developed for pseudobulbar affect, a neurological condition that affects emotional expression. According to the startup, AI tools helped reduce preclinical formulation development time from up to two years to less than three months.

Investor interest in the IPO also came from some of the world’s largest asset managers and healthcare funds. BlackRock led the cornerstone investments with a USD 50 million subscription. Other participating investors included UBS Asset Management Singapore, Mirae Asset, ORIX Corporation, Deerfield, RTW, Hillhouse Capital and IDG Capital.

METiS is also building what it describes as a “platform collaboration + product partnership” business model. The startup currently works with more than 30 pharmaceutical and biotechnology partners globally, including large pharmaceutical companies and medical research institutions.

The company reported RMB 105 million in revenue in 2025, largely tied to upfront payments connected to its MTS-004 partnership agreements. It also said some platform collaboration contracts could reach milestone values of up to USD 109 million.

Chris Lai said: "The future of biomedicine will no longer be simply about 'taking medicine when one falls ill.' METiS TechBio's ambition is to harness AI to build nano-rockets that can navigate with precision through the inner space of the human body's 30 trillion cells, write the code of nucleic acids and proteins into cells, and reprogram diseased and aging cells into healthy cells. This was our founding aspiration, and it is the mission to which we will dedicate our lives. The IPO marks a new starting point for us to accelerate forward, and we will strive to live up to the support and trust we have received from all sectors."

The IPO also highlights how Hong Kong is increasingly positioning itself as a hub for next-generation biotech and AI healthcare startups. While investor excitement around AI drug discovery has cooled in parts of the market, startups focused on delivery systems and biotech infrastructure are beginning to attract stronger institutional backing.

For METiS, the challenge now will be turning that investor confidence into commercially viable therapies and long-term partnerships. But the listing suggests that AI-driven drug delivery is starting to emerge as a category investors are willing to treat as core biotech infrastructure rather than a niche research experiment.

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Hong Kong

Startup Funding in Hong Kong: University Programmes for Student Founders and Early-Stage Startups

If you are building a startup in Hong Kong, your first source of support may be closer than you think.

Ventureport Media Team

Updated

May 7, 2026 1:16 PM

Main Building of the University of Hong Kong. PHOTO: ADOBE STOCK

Across Hong Kong’s public universities, entrepreneurship is now part of the campus ecosystem. Many universities offer startup funding, mentorship, training, workspace, investor access and pathways into larger incubation programmes such as Hong Kong Science and Technology Park (HKSTP) and Cyberport.

For student founders, researchers and alumni, this can be a useful place to begin. You may be able to test an idea, build a prototype, form a company or apply for early funding through your own university before looking for external investors.

The challenge is knowing where to start. Each university has its own startup programmes, eligibility rules and funding structure. Some are designed for student ideas. Others are built for research commercialization, deep tech ventures or startups already preparing to raise investment. Below is a practical guide to startup support and university startup funding at five major publicly funded universities in Hong Kong.

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The University of Hong Kong (HKU): Startup support for student founders, deep tech and research commercialization

The Centennial Campus of the University of Hong Kong. PHOTO: ADOBE STOCK

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HKU offers a wide range of entrepreneurship support through HKU Techno-Entrepreneurship Core, also known as HKU TEC. Its programmes cover early ideas, deep tech projects, Greater Bay Area (GBA) expansion, research commercialization and investor matching.

HKU is especially relevant for founders working with university research, intellectual property or technology-led business ideas. It also has entry-level support for students and graduates who are still testing an idea.

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HKU startup programme	Who it is for	Funding or investment	Key eligibility points	Main support
HKU SEED Programme	Early-stage student and graduate startup ideas	Opportunity to receive up to HK$100,000 through the HKSTP Ideation Programme	The principal applicant must be an HKU member with at least 20% ownership. Open to individual, team or Hong Kong company applicants.	Three-week entrepreneurship training, coaching, HKSTP Ideation pathway, iDendron membership for awardees, networking and competition nomination.
HKU DeepTech100+	Deep tech projects and research-backed startups	Up to HK$1.39 million	The person-in-charge must be an HKU member with at least 20% ownership, or the startup must be an HKU IP licensee.	One-year HKU TEC and HKSTP co-incubation, training, HKSTP facilities, iDendron membership and fast-track route to HKSTP incubation.
Tech-Up GBA Innovators Programme	HKU-linked startups expanding into the Greater Bay Area	Up to HK$600,000, including grant and interest-free loan components	The startup team must include HKU linkage or HKU IP. Young entrepreneur rules (e.g. the PIC and core team members must be between the ages of 18 and 39) also apply.	Up to two years of mentorship, GBA training, workspace in Hong Kong and Shenzhen/Qianhai, professional services and market access support.
TSSSU@HKU (Technology Start-Up Support Scheme for Universities)	HKU technology startups moving toward	HK$400,000 to HK$1.5 million per year, for up to three years under each track	The applying startup must have at least two members. The PIC must be an HKU student, staff member or alumnus. HKU members must hold at least 20% ownership in total.	R&D funding, business setup support, iDendron membership, networking and possible Qianhai grant matching.
HKU Entrepreneurship Engine Fund (EEF)	HKU-linked startups raising seed to Series A capital	Investment partners may invest US$0.5 million to US$5 million	At least 20% ownership must be held by HKU members, or the startup must license HKU IP.	Connection to EEF investment partners for independent evaluation.
iDendron@HKU	HKU founders needing workspace and community support	Not applicable	HKU-linked founders and eligible startups.	Co-working space, hot desks (HK$900 for six months), meeting rooms, mentoring, events and startup community access.

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Best fit: HKU works well for student founders, researchers and alumni who want a structured route from idea stage to technology commercialization.

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City University of Hong Kong (CityUHK): HK Tech 300 and a clear startup pathway

City University of Hong Kong. PHOTO: ADOBE STOCK

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CityUHK’s main startup platform is HK Tech 300. It is one of the clearest university startup pathways in Hong Kong because it is built in stages: training, seed funding, angel investment and access to external funding.

The programme is open to CityUHK students, alumni, research staff and members of the public using CityUHK intellectual property or technology.

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CityUHK startup programme	Who it is for	Funding or investment	Key eligibility points	Main support
HK Tech 300 Training	Teams learning startup basics	Sponsored training worth more than HK$10,000 per project team	Open to eligible CityUHK-linked teams and external founders using CityUHK IP or technology.	Startup basics, business plan development, pitching and team formation.
HK Tech 300 Seed Fund	Early teams turning ideas into startups	HK$100,000 per successful team	Person-in-charge must show association with CityUHK.	6 to 12 months of funding support, product development milestones and preparation for Angel Fund application.
HK Tech 300 Angel Fund	Startups ready to validate a business model	Up to HK$1 million angel investment	Usually for eligible teams after Seed Fund progress or equivalent readiness.	Business model validation, MVP development, investor exposure and incubation support.
HK Tech 300 Launching Stage	Startups ready for larger support	Access to external funds of up to HK$10 million	For eligible startups after the incubation phase.	Referrals to ITC, HKSTP, Cyberport and other partner programmes.
HK Tech 300 International and National Startup Competitions	Startups entering CityUHK’s ecosystem through competitions	Competition-linked opportunities, including access to HK Tech 300 support	Competition-specific rules apply.	Pitching, exposure, business matching and possible funding pathways.

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Best fit: CityUHK is a strong choice for founders who want a step-by-step startup journey with clear funding stages.

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Hong Kong University of Science and Technology (HKUST): Startup funding for tech founders and research teams

Hong Kong University of Science and Technology. PHOTO: ADOBE STOCK

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HKUST has a broad startup ecosystem with support for students, alumni, researchers and faculty. Its entrepreneurship pathway covers idea exploration, prototyping, MVP testing, research commercialization and investment.

The university’s startup support is especially strong for technology companies, deep tech projects and teams commercialising HKUST research.

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HKUST startup programme	Who it is for	Funding or investment	Key eligibility points	Main support
HHKUST IPIC Incubation - HKUST IPIC Incubation - Stage 1 Ideation (Through Entrepreneurship 101 Training or Entrepreneurship Bootcamp)	Students, alumni, researchers and faculty across different startup stages	Stage 1 includes HK$3,000 in-kind company registration support	HKUST-linked founders.	Structured pathway from ideation to prototyping, implementation and commercialization.
Stage 2 Prototyping (Through HKUST Dream Builder)	Student-led teams building a proof of concept or MVP	Up to HK$100,000 per startup team	The main applicant must be a full-time current HKUST student. At least two full-time current HKUST students must play founder or co-founder roles.	Funding, training, mentorship, workspace at theBASE and external outreach.
Stage 3 Implementation (Through HKUST x HKSTP Co-Ideation Programme)	Early-stage HKUST-linked startups	Up to HK$100,000	The team must include at least one HKUST member. HKUST members must hold at least 10% ownership if a company is formed.	Six-month programme, three milestones, coaching, HKSTP training and preparation for HKSTP incubation.
Lo Kwee Seong Tech-Ship Fund	Faculty-student teams commercializing HKUST research	Extra support of up to HK$200,000 is listed through HKUST’s IPIC pathway	Faculty research and student entrepreneurship collaboration.	Commercialization support for faculty technologies and student startup teams.
Bridge Gap Fund	HKUST researchers developing university IP for commercial use	Typically up to HK$500,000 for 12 months	Must use HKUST IP. PI must be full-time HKUST faculty.	Prototype development, market research, customer discovery, IP development and DeepTech Incubation Programme access.
TSSSU@HKUST	HKUST technology startups commercializing R&D	Up to HK$1.5 million per year under TSSSU-O or TSSSU+	The applying company must be registered in Hong Kong. HKUST members must usually hold at least 10% ownership.	Startup setup, R&D, manpower, equipment, promotion and marketing support
HKUST Entrepreneurship Fund(E-Fund)	HKUST technology startups raising investment	Initial investment up to HK$5 million per startup	The applying startup must be at least 10% owned by HKUST faculty, staff, students or alumni and established for no more than seven years.	Early-stage investment, co-investment model and long-term capital support.
HKUST Greater Bay Area Youth Entrepreneurship Fund Programme	Young HKUST-linked founders building in Hong Kong or the GBA	Up to HK$250,000	HKUST-linked founder requirements and youth entrepreneur rules apply.	GBA startup funding, mentorship, product development and market expansion support
RAISe+ Scheme via HKUST	Research teams with large-scale commercialization potential	Scheme-level support can range from HK$10 million to HK$100 million per approved project	Research commercialization teams with industry-matching requirements.	Large-scale R&D transformation and commercialization support

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Best fit: HKUST is especially useful for tech startups, deep tech teams and founders who need a route from prototype to commercialization.

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The Hong Kong Polytechnic University (PolyU): Startup funding for product, applied research and GBA expansion

Hong Kong Polytechnic University. PHOTO: ADOBE STOCK

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PolyU’s startup support is practical and product-focused. Its programmes cover early ideas, seed-stage teams, Greater Bay Area expansion, translational research and investment.

This makes PolyU a good fit for founders working on engineering, hardware, applied technology, social impact or commercialization of university research.

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PolyU Startup programme	Who it is for	Funding or investment	Key eligibility points	Main support
Ideation Funding Scheme	Student teams with early ideas	HK$5,000 basic prize, with possible nomination to other entrepreneurship programmes	The team must be formed by PolyU students. The principal applicant must be a current student of the collaborating faculty or school.	Early idea validation and entrepreneurship learning
PolyVentures Micro Fund Scheme	Seed-stage teams preparing to form a startup or have incorporated companies within 24 months	Up to HK$1.41 million in total support from PolyU and HKSTP Ideation or Incubation routes	The principal applicant can be a current student, alumnus, staff member, translational startup postdoc or key owner-operator of a PolyU technology licensee.	HK$20,000 cash prize for shortlisted teams, HK$100,000 PolyU Seed Fund for awardees, HKSTP pathway and mentorship
PolyU GBA Innovation and Entrepreneurship Incubation Programme	Young entrepreneurs entering the Greater Bay Area market	HK$600,000 seed funding	Funding is granted to the successful applicant’s Hong Kong limited company and released by milestones.	Two-year incubation, mentorship, training, expert advice, Hong Kong and mainland co-working spaces and GBA network access
Translational Startup Postdoc Programme	Recent PhD graduates commercializing PolyU research	Annual remuneration of up to HK$348,000 and project support, including prototyping (a maximum of HK$50,000 per year) and outreach funding (a maximum of HK$15,000 per year)	Applicant needs a PolyU academic supervisor and a recent or near-completed doctoral degree.	Free workspace at InnoHub, mentorship, KTEO support, investor access and pathways to Micro Fund, Angel Fund and EIF
PolyVentures Angel Fund Scheme / TSSSU route	Technology startups needing larger commercialization support	Up to HK$800,000 matching fund of up to three years	The applying startup team must include PolyU linkage and meet the scheme requirements.	Startup setup, R&D, manpower, equipment, marketing and commercialization support
PolyU Entrepreneurship Investment Fund (EIF)	PolyU-linked startups raising early-stage investment	Up to HK$4 million	The applying startup must have at least one PolyU member holding at least 10% equity or must license PolyU IP.	Equity, convertible note or SAFE investment, co-investment support, R&D facilities, mentoring and industry networks
RAISe+ Scheme via PolyU (EIF)	Research teams commercializing major R&D outcomes	Scheme-level support can reach HK$10 million to HK$100 million per approved project	Research commercialization and industry matching requirements apply.	Large-scale research transformation and commercialization support
ASCEND Tech for Good Programme (EIF)	Youth-led tech-for-good startups	Up to HK$3 million per successful applicant	Hong Kong-registered startup or company with youth-led requirements.	Two-year incubation and support for digital equity and social impact ventures

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Best fit: PolyU is well suited for product-led startups, applied technology projects, GBA expansion and founders who want industry-facing support.

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The Chinese University of Hong Kong (CUHK): Startup support from idea stage to technology commercialization

Chung Chi College, Chinese University of Hong Kong. PHOTO: ADOBE STOCK

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CUHK offers support for student founders, researchers and alumni through the Pi Centre and the Knowledge Transfer Office. Its ecosystem covers pre-incubation, TSSSU funding, early translational research, social impact projects and Greater Bay Area entrepreneurship.

CUHK is especially useful for students who want to start with an idea and later move into funding, mentorship or external incubation.

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CUHK Startup programme	Who it is for	Funding or investment	Key eligibility points	Main support
PILOTS Lite x HKSTP Co-Ideation / Pi Centre	CUHK students at the idea or pre-incubation stage	Up to HK$130,000	Open to CUHK undergraduate and postgraduate students, full-time or part-time. The principal applicant must be a current CUHK student. Applicants must not already have registered a business for the project.	One-year programme, seed funding, workshops, mentoring, networking, free co-working space and fast-track preparation for incubators
TSSSU@CUHK	CUHK technology startups commercializing R&D	TSSSU-O: up to HK$600,000 per year. TSSSU+: up to HK$1 million per year in matching funds. Both can run for up to three years	The PIC must be a current full-time student, current full-time professor or alumnus who graduated within the last 36 months. Technology readiness requirements apply.	Financial support, potential HKSTP incubation, investor access, industry partner access and mentorship
IdeaBooster Fund @CUHK	CUHK researchers developing early translational projects	HKD 100,000 – HKD 200,000 per project	Mainly for full-time CUHK academic staff, eligible teaching or research staff and selected postgraduate research students case by case.	Early project development, impact-focused research translation and fast-track interview opportunity with HKSTP Co-Ideation
Knowledge Transfer Venture Impact Fund Knowledge Transfer Venture Impact Fund (KT-VIF) @CUHK	CUHK academic-led ventures with scalable social impact	Up to HK$300,000 for two years	Mainly for CUHK professoriate or research academic staff-led teams.	Business development consultancy, publicity support and partnership liaison
Knowledge Transfer Impact Project Fund (KT-IPF) @CUHK	Late-prototype research projects with social innovation potential	Up to HK$200,000	Mainly for full-time CUHK staff on professoriate or research academic ranks. The venture must be CUHK-affiliated and have been incorporated for more than three years.	Support for turning research-based prototypes into real-world social-impact solutions
Greater Bay Area Entrepreneurship Scheme / BESGO FoundRise	CUHK students and young alumni building GBA-focused ventures	Up to HK$600,000 per selected team	Students and young alumni, with scheme-specific selection.	Two-year funding and incubation, mentorship, expert guidance and GBA venture-building support
RAISe+ via CUHK	Research teams with large-scale commercialization potential	Scheme-level support can reach HK$10 million to HK$100 million per approved project	University research commercialization teams.	Large-scale R&D commercialization and industry matching
ASCEND Tech for Good Programme (EIF)	Youth-led tech-for-good startups	Up to HK$3 million per successful applicant	Hong Kong-registered startup or company with youth-led requirements.	Two-year incubation and support for digital equity and social impact ventures

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Best fit: CUHK is a good starting point for student founders who need pre-incubation support, and for researchers moving early-stage ideas toward commercial use.

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Which Hong Kong university startup programme should you choose?

There is no single best programme for every founder. The right choice depends on your stage, your university connection and the type of startup you are building.

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Founder stage	Good starting points
You have an idea but no company yet	HKU SEED, CityUHK HK Tech 300 Training, HKUST Dream Builder, PolyU Ideation Funding Scheme, CUHK Pi Centre
You are building a prototype or MVP	HKUST Dream Builder, HKUST x HKSTP Co-Ideation, CityUHK Seed Fund, PolyU Micro Fund, CUHK PILOTS Lite
You are commercializing university research or IP	HKU DeepTech100+, HKU TSSSU, HKUST Bridge Gap Fund, HKUST TSSSU, PolyU EIF, CUHK TSSSU
You want Greater Bay Area startup support	HKU Tech-Up GBA, PolyU GBA Innovation and Entrepreneurship Incubation Programme, HKUST GBA Youth Entrepreneurship Fund, CUHK GBA Entrepreneurship Scheme
You are ready for investment You are commercializing university research or IP	HKU EEF, CityUHK Angel Fund, HKUST E-Fund, PolyU EIF

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The bottom line

Hong Kong’s university startup ecosystem is bigger than many founders realize. If you are a student, alumnus, researcher or university-linked founder, your campus may already offer a route into funding, mentorship, workspace and incubation.

The key is to choose a programme that matches your current stage. Some founders should start with idea validation. Others may be ready for seed funding, TSSSU support or investment.

Before applying, check the latest deadline and eligibility rules on the official university page. These programmes change often, and some funding rounds open only once or twice a year.