CUHK Business School announces 2024 Corporate Innovation Index

The Asia-Pacific Institute of Business (APIB) at The Chinese University of Hong Kong (CUHK) announced the results of the Corporate Innovation Index (CII) 2024 (see attachment) at the Awards Presentation Ceremony and Forum on 9 December at the University’s Cheng Yu Tung Building. The event celebrated the achievements of top performers in the second CII. The CII findings highlight the significance of cultivating an innovation-driven culture and accelerating digital transformation to enhance competitiveness and strengthen Hong Kong’s position as a leading regional innovation hub.
The CII is a project funded by the Innovation and Technology Commission of the Hong Kong Government and developed by APIB, the executive education arm of CUHK Business School. This year’s index recognised the achievements of Hong Kong enterprises in innovation leadership, business performance and business model enhancement. As far as sectors are concerned, financial services and fintech, healthcare and biotech, and information technology led the way. Despite economic challenges, top-performing companies demonstrated resilience in sustaining their innovation efforts. Evaluated separately for the first time, SMEs showed significant potential.
Professor Rocky S. Tuan, Vice-Chancellor and President of CUHK, said: “The CII reflects CUHK’s unwavering commitment to nurturing innovation across all sectors, particularly among SMEs, which play a vital role in Hong Kong’s rapidly evolving digital landscape. By recognising and honouring top-ranked companies, we aim to foster a culture of creativity and progress, while providing valuable insights to policymakers about the challenges and opportunities faced by businesses in our city.”
The Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, said: “Innovation and technology (I&T) are pivotal drivers of Hong Kong’s high-quality economic development. The government’s commitment to further enhancing the I&T ecosystem and promoting new industrialisation efforts remains steadfast. The CII plays a crucial role in fostering business innovation across various sectors. It has established an exceptional platform for individuals and organisations seeking to lead innovation and transformation. This initiative facilitates a unique environment for exchange, fostering creativity, cultivating expertise in the application of technology and recognising the achievements of enterprises in their pursuit of excellence and innovation.”
Mr Patrick Yeung Wai-tim, Chief Executive Officer of the Hong Kong General Chamber of Commerce, said: “Innovation is the lifeblood of business success. The CII is not merely a metric of performance but a catalyst for growth, enhancing our business competitiveness and bolstering Hong Kong’s economy. More importantly, this initiative is about cultivating a vibrant culture of innovation among start-ups and SMEs in Hong Kong.”
Mr Patrick Yeung Wai-tim, Chief Executive Officer of the Hong Kong General Chamber of Commerce, delivers the opening remarks
Hon Duncan Chiu, Legislative Council Member (Technology and Innovation Constituency), said: “Since its launch in 2022 as Hong Kong’s first comprehensive corporate innovation management and assessment project, the CII has provided guidance for large enterprises while supporting SMEs in navigating the digital era. It has become a vital platform for industry-academia-research collaboration and technology adoption.”
Professor Hon William Wong Kam-fai, Legislative Council Member (Election Committee Constituency) and Associate Dean (External Affairs) of Faculty of Engineering at CUHK, said: “The CII quantifies companies’ innovative potential, reveals future opportunities and drives momentum for sustainable development, propelling Hong Kong’s competitiveness to new heights.”
Hon Professor William Wong Kam-fai, Legislative Council Member (Election Committee Constituency) and Associate Dean (External Affairs), Faculty of Engineering, CUHK, delivers a congratulatory speech
Professor Cheung Waiman, Associate Dean (Graduate Studies) of CUHK Business School and Executive Director of APIB, said: “The second CII highlights how vital innovation is for Hong Kong’s economic transformation. Our research provides valuable insights that help improve innovation rankings and drive economic development.”
Professor Cheung Waiman, Associate Dean (Graduate Studies) of CUHK Business School and Executive Director of APIB, delivers a keynote speech
During the event, Professor Toa Charm Ka-ieong and Professor Dominic Chan Chi-bong from CUHK Business School led in-depth panel discussions on innovation trends, challenges and best practice with representatives from enterprises of various sizes. This provided valuable insights for the participants.
To support companies and enterprises in driving innovation, the CII has provided practical guidance and resources through initiatives such as training programmes, partnerships with academic experts and collaboration among industry, academia and the government. As Hong Kong’s first comprehensive corporate innovation index, the CII has established itself as an influential platform promoting corporate innovation management and assessment in the city, guiding and driving innovation development in the local business community.
Appendix
Corporate Innovation Index 2024 Ranking
Corporate Innovation Index 2023-2024 CII Constituent Companies
1st place: Arup
2nd place: Hang Seng Bank
3rd place: Airport Authority Hong Kong
4th place: The Hong Kong and China Gas Company Limited
5th place: Esquel Group
6th place: a company in financial services and fintech
7th place: The Bank of East Asia Limited
8th place: China State Construction Engineering (Hong Kong) Limited
9th place: Kum Shing Group
10th place: Lalamove
Companies ranked 11–26 (in alphabetical order)
- Bayer Healthcare Limited
- Canossa Hospital (Caritas)
- Cathay
- China Resources Enterprise Limited
- CLP Power Hong Kong Limited
- Hong Kong Air Cargo Terminals Limited
- Luen Tai Hong
- Manulife International HK Limited
- MyTV SUPER Limited
- Pico Group
- Quality HealthCare Medical Services Limited
- Ricoh Hong Kong Limited
- Shanghai Commercial Bank Limited
- Success Base Engineering Limited
- XTransfer Limited
- YesAsia Holdings Limited
CII 2024 SME Star Ranking
Three-star Award SMEs (in alphabetical order)
- AEL (International Holdings) Limited
- beNovelty Limited
- BioMed Technology Holdings Limited
- Oh Wow Corporation Limited
- RaSpect
- ReCube Limited
- Spaceship (HK) Limited
- Wizpresso
Two-star Award SMEs (in alphabetical order)
- Animae Technologies Limited
- EnviPro Technology Company Limited
- eyes3 Sports Technology Limited
- Koln 3D Technology (Medical) Limited
- Spear Shield Technology Development Limited
- SyZyGy Limited
One-star Award SMEs (in alphabetical order)
- Aerovision Technology Limited
- AlgoBot Limited
- Blue Bird Education
- BXH (HK) Education Consulting Co. Limited
- Digital Nomads Hong Kong
- Eco Enrich Company Limited
- Edxtore Limited
- FinCatch Limited
- Frutodor Limited
- Green Vigor Limited
- Hai Kang Life Corporation Limited
- International Association of Business Management Simulation
- Karta-X Technologies Limited
- Mayfair Enterprises Limited (Butler)
- Mezzofy (Hong Kong) Limited
- OAO Limited
- On-us Group Holdings Limited
- PDSTE
- Tess Asia Limited
- ThingX Technologies Limited
- Transwap Limited
- Uncle2 Fintech Limited
- Venture Global Limited
About the Corporate Innovation Index (CII) project
Launched by the Asia-Pacific Institute of Business (APIB) at The Chinese University of Hong Kong (CUHK) Business School, the CII aims to enhance innovation within both large corporations and small and medium-sized enterprises (SMEs) in Hong Kong. Funded by the Innovation and Technology Commission (ITC) of the Hong Kong government since 2021, the CII initiative has been pivotal in fostering an innovation-driven economy.
As the CII project has grown, it has fostered a collaborative ecosystem among academia, industry and government, with a special focus on both technological and non-technological innovation. The CII has established a collaborative framework with The Hong Kong General Chamber of Commerce as a strategic partner, focusing on both technological and non-technological innovation.