The Asia-Pacific Institute of Business (APIB) at The Chinese University of Hong Kong (CUHK) unveiled the results of the Corporate Innovation Index (CII) 2024 during an exciting awards presentation ceremony on 9 December.
Besides honouring the top performers of the second CII, the event highlighted innovation’s crucial role in enhancing competitiveness and reinforcing Hong Kong’s status as a leading regional hub.
Among the standout achievers were Arup, Hang Seng Bank and the Airport Authority Hong Kong, which were recognized for their exceptional contributions to innovation.The ceremony also spotlighted the remarkable achievements of SMEs, acknowledging their vital role in the city’s economic landscape.
The CII project is led by Professor Cheung Waiman, Associate Dean (Graduate Studies) of CUHK Business School and Executive Director of APIB, and funded by the Innovation and Technology Commission (ITC) of the HKSAR Government under the General Support Programme (GSP), with HKGCC as a strategic partner and more than 10 corporate sponsors.
Recognizing Innovation
Over 270 companies took part in the CII survey this year, which examined their innovation performance in 2023-2024. The firms come from various industries: retail, trading, logistics, manufacturing, tourism & hospitality, business & professional services, financial services & fintech, property, construction & prop tech, information, technology and communication, and healthcare & biotech.
This year, the index recognized the achievements of enterprises in innovation leadership, business performance and business model enhancement. Despite economic challenges, top-performing companies demonstrated resilience in sustaining their innovation efforts. Evaluated separately for the first time, SMEs showed significant potential.
Among the respondents, 130 large corporations and 142 SMEs (firms with fewer than 50 employees) participated. The top 26 CII constituent companies and 37 star award SMEs in 2024 were recognized for their exceptional achievements.
“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,” said Professor Rocky S. Tuan, Vice-Chancellor and President of CUHK. “By 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 businesses face in our city.”
Under Secretary for Innovation, Technology and Industry Lillian Cheong pointed out that innovation and technology are pivotal drivers of Hong Kong’s high-quality economic development, with the Government steadfastly committed to enhancing the I&T ecosystem and promoting new industrialization efforts. “The CII plays a crucial role in fostering business innovation across various sectors. It has established an exceptional platform for individuals and organizations seeking to lead innovation and transformation,” she said.
Highlighting that innovation is the lifeblood of business success, Chamber CEO Patrick Yeung said the CII is not merely a performance metric but a catalyst for growth. “This initiative is about cultivating a vibrant culture of innovation among start-ups and SMEs in Hong Kong,” he added.
Hon Duncan Chiu, Legislative Council Member (Technology and Innovation Constituency), praised the CII for guiding large enterprises while supporting SMEs in navigating the digital era. He said it has become a vital platform for industry-academia-research collaboration and technology adoption.
“The CII quantifies companies’ innovative potential, reveals future opportunities and drives momentum for sustainable development, propelling Hong Kong’s competitiveness to new heights,” stated Professor Hon William Wong Kam-fai, Legislative Council Member (Election Committee Constituency) and Associate Dean (External Affairs) of Faculty of Engineering at CUHK. Echoing his view, Professor Cheung Waiman, Associate Dean (Graduate Studies) of CUHK Business School and Executive Director of APIB, said: “Our research provides valuable insights that help improve innovation rankings and drive economic development.”
Driving Future Growth
The CII project team is committed to equipping companies and enterprises through practical guidance and initiatives such as seminars, workshops, training programs and expert-led discussions, helping businesses navigate digital transformation and foster innovation.
This year, APIB and the Chamber will jointly host the Corporate Innovation Seminar Series, covering key topics such as value creation for SMEs and corporate innovation leadership. The flagship series aims to deepen innovation culture and drive sustainable growth among Hong Kong enterprises. Stakeholders across industries are invited to participate in the event.
About the 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 Hong Kong Government’s Innovation and Technology Commission (ITC) since 2021, the CII initiative has been pivotal in fostering an innovation-driven economy.
Corporate Innovation Index 2024 Ranking
Top 10 corporations
1 Arup
2 Hang Seng Bank
3 Airport Authority Hong Kong
4 The Hong Kong and China Gas Company Limited
5 Esquel Group
6 A financial services & fintech corporation
7 The Bank of East Asia Limited
8 China State Construction Engineering (Hong Kong) Limited
9 Kum Shing Group
10 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