In the late 1980s, Hong Kong was a key hub for semiconductor chip production. However, with factories relocating northward, the chip industry gradually declined. The government is now determined to drive innovation and technology development, with the 2023 Policy Address further implementing the Hong Kong Innovation and Technology Development Blueprint . Key measures include establishing the New Industrialisation Development Office , facilitating the Microelectronics Research and Development Institute, and launching a $10 billion New Industrialisation Acceleration Scheme. How can these initiatives help Hong Kong leverage its strengths? Beyond the chip industry, what other high-value sectors can propel Hong Kong towards "New Industrialisation"? And what challenges and opportunities lie ahead?