Assist Hong Kong's traditional manufacturing industry in upgrading and transforming through innovative technology to achieve smart manufacturing.

Promote the development of "new industrialization" to enhance Hong Kong's economic competitiveness.

The government provides funding in a 1:2 matching format.

The maximum funding amount for each project is one-third of the total approved project expenditure or HK $15 Million, whichever is lower.

There is no limit on the total number of projects that each company can have approved, but no more than three projects can be conducted simultaneously.

The production line is located in a factory or other place under the Hong Kong Science Park Corporation.

The entire or most of the production line should comply with the "smart production" standards.

Applications are accepted year-round and must be submitted electronically through the Innovation and Technology Commission's fund management system.

Submit the completed application form along with documents such as the company registration certificate, the most recent annual return/corporation formation form, applicant's identity proof, proof of last year's turnover, and company profile.

The Innovation and Technology Commission will first verify the application eligibility, and only qualified applications will undergo preliminary review.

After the preliminary review, applications will be submitted to the New Industrialization Funding Scheme Review Committee, chaired by an unofficial person, for consideration.

Applications supported by the committee will be submitted to the Director of the Innovation and Technology Commission for funding approval.

Successful applicants must sign a funding agreement with the government.