The Hong Kong government is establishing an offshore yuan-denominated venture capital fund aimed at attracting investments in artificial intelligence, biotechnology, and new energy sectors.
Financial Secretary Paul Chan Mo-po announced that the Hong Kong Investment Corporation (HKIC) will spearhead this initiative, managing a portfolio worth HK$62 billion (approximately US$8 billion). The fund is designed to channel capital into innovative technology and emerging industries, appealing to investors with offshore yuan looking for opportunities in these sectors.
Industry experts, including Benjamin Quinlan from Quinlan & Associates, emphasized that the fund will focus on hardcore technology, health tech, and green energy, among others. This strategic investment is particularly relevant for companies with ties to mainland China or Hong Kong that aim to expand globally, leveraging Hong Kong as a hub for research, development, and commercialization.
As the HKIC expects investees to establish a presence in Hong Kong and prioritize local listings, the fund is positioned as a vital tool for the city's economic development. Lawmaker Robert Lee Wai-wang supports the timing of this initiative, suggesting it aligns well with current market conditions.