In his 1998 Policy Address, SAR Chief Executive of the HKSAR Government set out his vision to position Hong Kong as "a world centre for the development of health food and pharmaceuticals based on Chinese medicines." The Hong Kong Jockey Club Institute of Chinese Medicine Limited (HKJCICM) was set up by the Government to take forward this vision.

We are established as a subsidiary of the publicly-funded Hong Kong Applied Science and Technology Research Institute Co. Ltd. (ASTRI) . The research and development projects and specific activities will be funded by a pledged donation of HK$500 million (US$64 million) by the Hong Kong Jockey Club Charities Trust.