Editorial | Hong Kong is counting on innovative investment
The HKIC has funded 80 start-ups and projects. These deals have come at a critical time for the city as it builds itself up as a hi-tech centre
Hong Kong’s investment vehicle has had a busy time in its relatively brief two years of existence.
Armed with a HK$62 billion (US$8 billion) war chest, the Hong Kong Investment Corporation (HKIC) was established in 2022 to manage the government’s investments and help to attract enterprises to grow their local business. Of late, it has been on a deal-making mission to enhance the city’s innovative edge.
The progress made thus far is to be welcomed. This week CEO Clara Chan Ka-chai told legislators the corporation had funded 80 start-ups and projects, about one third in Hong Kong, 42 per cent in mainland China, and the rest overseas.
Those start-ups and projects outside Hong Kong are required to relocate their research or other key parts of their operations to the city.
Other strings that come with HKIC’s investment include requirements to list in Hong Kong when they go public, and to cooperate with local universities or start ups to help create a virtual ecosystem to promote innovation and technology.
The investment spree comes at a critical time for Hong Kong, which is building itself up as an innovation and hi-tech centre, and trying to leverage its strengths as a superconnector between the mainland and the rest of the world.
