Sunway iLabs, the innovation lab and corporate venture capital arm of the Sunway Group, has entered a strategic partnership with the Alibaba Entrepreneurs Fund (AEF) – NextGen Fund to deepen collaboration between Malaysia, Hong Kong, and the Greater Bay Area (GBA). The partnership aims to accelerate cross-border AI innovation, technology transfer, and startup expansion across the region.
The collaboration comes as Hong Kong’s startup ecosystem continues its strong growth trajectory. According to KPMG, the Hong Kong Stock Exchange (HKEX) recorded 67 IPOs in the first nine months of 2025, marking a 50% increase from the previous year. Meanwhile, A+H stock market listing applications have surged from five in 2024 to 83 in 2025, underscoring Hong Kong’s position as a strategic gateway for Chinese tech companies seeking global capital and for foreign innovators entering China through an internationally connected financial hub.
Through this partnership, Sunway iLabs will gain access to cutting-edge AI technologies emerging from Hong Kong, while positioning Sunway’s integrated ecosystem as a “living lab” where AI startups can test real-world applications and scale regionally.
A signing ceremony between representatives of HKAI Lab and Sunway iLabs formalised the partnership through a Memorandum of Understanding (MoU), marking the start of a structured AI collaboration between Malaysia, Hong Kong, and the wider GBA.
“Working with AEF-NextGen Fund reinforces our long-term ambition to drive innovation and sustainable growth,” said Matt van Leeuwen, Chief Innovation Officer of Sunway Group and CEO of Sunway iLabs. “By combining Malaysia’s environment for scaling with Alibaba’s deep research network, we aim to help the next generation of innovators bring impactful solutions to market.”
Established in 2015, AEF has invested over US$100 million in more than 80 startups, including notable companies such as WeLab and Airwallex. Beyond funding, AEF plays a key role in Hong Kong’s innovation landscape through initiatives like Jumpstarter, one of Asia’s largest startup events with more than 520,000 attendees, and HKAI Lab, which has accelerated over 100 AI startups.
“Our partnership with Sunway iLabs underscores AEF-NextGen Fund’s mission to serve as a bridge for AI startups from Hong Kong and Greater China to expand into Malaysia and Southeast Asia,” said Cindy Chow, CEO of the Alibaba Entrepreneurs Fund. “By leveraging our global ecosystem, we see tremendous potential to unlock mutual value across industries.”
The partnership also aligns with AEF-NextGen Fund’s focus on AI-driven innovation. Its recent investment in Infinigence AI, a Beijing-based compute optimisation company, reflects its commitment to supporting deep-tech firms poised for global expansion.
For Sunway, the collaboration opens pathways for AI solutions to be adopted across its 13 business units—including healthcare, education, retail, and construction—while strengthening ties with leading institutions such as Damo Academy and top Hong Kong universities. This is expected to accelerate deep-tech research, applied learning programmes, and talent pipeline development in Malaysia.
The two-way collaboration will also allow Hong Kong and GBA startups to explore real-world use cases and market-entry opportunities in Malaysia and Southeast Asia through the Sunway ecosystem. Meanwhile, Malaysian startups may gain broader access to Hong Kong’s capital markets, AI accelerators, and global networks.
Recognised by MVCA as Malaysia’s most outstanding CVC, Sunway iLabs has long played a central role in shaping the country’s startup ecosystem. Its partnerships span global and regional players including a16z, CICC, Cambridge Deeptech Labs, Hive SEA, Gobi Partners, and Kejora Capital.
With the addition of the AEF-NextGen Fund partnership, Sunway iLabs continues to position itself as a critical bridge connecting frontier technologies with Southeast Asia’s rapidly evolving innovation landscape.