HKIC to Boost Projects with Funds by Tail Quarter of 2023
Hong Kong/ Venture/ Money

HKIC to Inject Funds into Promising Projects by 2023 Year-End

HKIC to Inject Funds into Promising projects by Year End Header

The Hong Kong Investment Corp. (HKIC) is set to deploy its substantial funds into potential projects by the end of the year, according to King Leung, head of financial technology at InvestHK.

Similar to Singapore’s Temasek Holdings, the government-owned HKIC plans to invest directly and collaborate with over 40 other funds for direct placements. With a focus on fintech, artificial intelligence, biotechnology, and high-end manufacturing, the HKIC aims to optimise the government’s financial reserves for industrial and economic development.

Additionally, the HKIC draws inspiration from the Shenzhen Angel Investment Guiding Fund and acknowledges the potential of security token offerings (STOs) in promoting Hong Kong’s virtual assets.

With a pool of HK$62 billion dollars, the HKIC not only plans to make direct investments but also aims to collaborate with more than 40 carefully selected partner funds. These partner funds will make direct investments, thereby extending the reach and impact of the HKIC’s investment initiatives.

Currently, the HKIC manages several funds, including the HK$22 billion Hong Kong Growth Portfolio, the HK$5 billion Strategic Tech Fund, the HK$5 billion Greater Bay Area Investment Fund, and the HK$30 billion Co-Investment Fund. These funds collectively provide the HKIC with a diverse portfolio and enable it to explore investment opportunities across various sectors.

As the HKIC prepares to deploy its funds into potential projects, Hong Kong’s investment landscape is poised for significant development. With a strategic focus on key sectors and collaborations with partner funds, the HKIC seeks to drive economic growth, foster technological advancements, and position Hong Kong as a global leader in innovation and entrepreneurship.

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