Hong Kong's busiest investor
A group of professors from Beijing has come to Hong Kong.
Yesterday (August 26), Hong Kong Investment Corporation Limited (hereinafter referred to as "HKIC") and Beijing Academy of Artificial Intelligence jointly hosted the first "AI International Talent Summit". More than 350 top international experts, scholars, and industry insiders in the field of AI gathered at the event, which is a rare sight in Hong Kong.
Three months later, the investment community saw Clara Chan, the Chief Executive Officer of HKIC, again.
Managing HK$62 billion, she talked about the situation of HKIC's official operation in its first year - as of now, it has invested in more than 120 projects, among which 2 companies have been listed in Hong Kong, and more than 10 other companies have submitted or plan to submit applications for listing in Hong Kong this year.
Such a rapid pace is surprising in the current primary market, and HKIC can be regarded as the "busiest VC in Hong Kong". Behind the busyness, Hong Kong's eagerness to develop emerging industries is evident.
Managing HK$62 billion, investing in 120 projects in a year
This should be one of the most active sources of venture capital at present.
Recall that in June 2024, HKIC made its first investment in Smarter AI, founded by Professor Jia Jiaya. One year later, this star unicorn is going to go public - the company's management recently revealed in public that it is currently in the preparatory stage for listing and will choose Hong Kong as the preferred listing destination.
Following the three major lines of hard technology, life science, and new energy/green technology, HKIC's investment pace is amazing. In addition to Smarter AI, HKIC has also appeared behind well - known technology companies such as ByteBridge Biosciences, Galaxy Universal Technology, and PPIO.
"The development speed of the projects is faster than we expected." Clara Chan told the investment community that in the past year, 2 invested companies of HKIC have been listed in Hong Kong, and more than 10 other companies have submitted or plan to submit applications for listing in Hong Kong this year. She added a detail: For every HK$1 invested by HKIC, it has successfully driven more than HK$5 of long - term market funds to follow - up invest.
Innovation and technology are the focus, among which the directions of artificial intelligence and embodied intelligence have left a deep impression on the outside world. For example, in July 2024, Galaxy Universal Technology signed a contract with HKIC and became the first company in the field of embodied intelligence introduced to Hong Kong. The founder behind it is Wang He, a post - 90s professor from Peking University. So far, it has raised more than 2.4 billion yuan in total and gathered a luxurious team of investors.
"Life science is a track that I'm particularly concerned about." Clara Chan talked about her experience in the past year and was especially amazed by the technological progress of artificial intelligence in biotechnology because this is an industry closely related to human life. A previous communication with a biopharmaceutical company impressed her deeply - before the use of artificial intelligence, drug development was a long journey, and it might take several years and a lot of manpower to target a single molecule. But now, with just a few people and AI, the whole process can be completed in half a year. For HKIC, this is an industry worthy of focused layout.
Since its official investment activities started one year ago, HKIC has not limited itself. In addition to the three major fields it has been heavily investing in, the team is also exploring more emerging industries. Clara Chan revealed that HKIC will rely on its own practical experience and combine Hong Kong's advantages to continue to layout in cutting - edge technology directions such as fintech and aerospace. Currently, some early - stage communications are underway.
"HKIC adopts the 'investment +' model. For us, investment is not only a means to obtain medium - and long - term financial returns. More importantly, we are creating and supporting the development of new growth drivers such as innovation and technology through investment, bringing benefits to Hong Kong's economy and society." Clara Chan believes that when the market is fearful, it is an opportunity for HKIC, which adheres to long - termism. She is convinced that now is the best time to act.
The rise of the "Hong Kong version of Temasek"
Back in 2022, there were constant voices in the outside world worrying that Hong Kong was losing its competitiveness, and a narrative of change began - in October of this year, the Hong Kong Special Administrative Region (HKSAR) Government launched the Hong Kong Investment Corporation Limited (HKIC) with an initial management scale of HK$62 billion. Wholly - owned by the HKSAR Government, this government - led investment company appeared in Hong Kong for the first time.
Subsequently, Paul Chan Mo - po, the Financial Secretary of Hong Kong, served as the Chairman of the Board of HKIC. Hong Kong's vision is to attract no less than 100 potential or representative innovation and technology companies to settle in Hong Kong in the next five years. Therefore, HKIC is often regarded as the "Hong Kong version of Temasek".
In the past year, Clara Chan and her team have frequently traveled between Hong Kong, mainland cities, and overseas markets, visiting startups and venture capital institutions. "We visited every province and city in the Chinese mainland to actively research cutting - edge innovation and technology projects." Clara Chan summarized to the investment community that currently, the team's main strategies are still direct investment and co - investment, and the latter focuses on collaborating with well - known venture capital institutions for joint layout.
An innovation and technology ecosystem circle of friends is beginning to emerge. As at the first "International Patient Capital Forum" in May this year, about 80 global institutions participated, with a total asset management scale of up to US$20 trillion, covering various types such as sovereign funds, pension funds, university funds, family offices, and corporate venture capitals.
At the forum that day, HKIC announced three cooperation projects with Gobi Partners, BlueRun Ventures, and Gaw Capital Partners. Among them, HKIC cooperated with BlueRun Ventures to establish the 'Co - investment Partnership Program' to promote a basket of co - investment projects, focusing on supporting Chinese technology entrepreneurs with a global vision and global cutting - edge technological innovation, and promoting China's technological capabilities to the world.
There is also the latest "AI International Talent Summit (AIC)" co - hosted with the Beijing Academy of Artificial Intelligence, known as the "Huangpu Military Academy of Chinese AI", jointly witnessing the establishment of the "Hong Kong Youth Innovation Association". In the future, it will focus on providing ideological enlightenment in venture capital, entrepreneurship, and scientific research for the younger generation and activating Hong Kong's innovation and venture capital genes.
Playing the role of a "super connector", ecosystem synergy is engraved in HKIC's genes. Clara Chan gave an example. Last month, HKIC led more than 10 cutting - edge technology startups to visit and communicate in Malaysia and Brunei, and a series of cooperation sparks were generated. "During the visit, these startups also sparked ideas with each other. The founders got to know each other on the first day, arranged a team conference call on the second day, and signed a cooperation agreement on the third day."
"Along the way, what we adhere to is not just to increase the financial returns of HKIC. It is equally important to bring out the value of the ecosystem." Clara Chan revealed that in the second half of the year, HKIC will also organize a series of overseas visit groups, leading ecosystem partners and invested innovative enterprises to the world and letting them tell their own stories.
This is precisely the mission of HKIC: on the one hand, to strive for reasonable returns; more importantly, by aggregating resources, supporting the development of innovation and technology and strategic industries, enhancing Hong Kong's long - term competitiveness and economic vitality, and at the same time, the global network it builds continues to build a key bridge for innovative enterprises aspiring to explore overseas markets.
"We still have many stories to tell in the future." At the end of the conversation, Clara Chan said meaningfully.
Hong Kong ushers in the New Money era
"High - tech leads to losses, while low - tech brings profits."
This was a remark made by Zeng Yuqun at the signing ceremony of the cooperation memorandum between CATL and the Hong Kong Science and Technology Parks Corporation in 2023. It means that making high - tech products may lead to losses, while engaging in industries with low - tech content may result in huge profits. Although it was self - deprecating, it also reflected the lack of an innovation and technology ecosystem in Hong Kong over the past two decades.
Facing the approaching sense of crisis, Hong Kong realized that change was needed - the key to solving the problem lies in innovation and technology. Since taking office in 2022, Hong Kong Chief Executive Li Jiachao has repeatedly emphasized the importance of innovation and technology to Hong Kong with the slogan "No innovation and technology, no future", and Hong Kong's determination to build an international innovation and technology center is self - evident.
"Hong Kong is doing everything possible to attract technology companies and talents." Clara Chan summarized that on the one hand, many mainland technology companies committed to globalization often choose Hong Kong as their first stop for going global, and their international headquarters are then established here; on the other hand, the huge talent reserve in Hong Kong's universities is extremely attractive to technology companies. Moreover, the booming Hong Kong stock market has gathered global capital.
The latest development is that Hong Kong has launched a HK$10 billion innovation and technology industry guidance fund and started the selection process for VC/PE institutions.
This is an industry guidance fund proposed by the HKSAR Government a year ago, aiming to establish a mother fund to strengthen the guidance of market funds to invest in designated strategic emerging and future industries, including life and health technology, artificial intelligence and robotics, semiconductors and intelligent devices, advanced materials, and new energy, etc., and systematically build an innovation and technology industry ecosystem. On July 25 this year, the HK$1 billion commitment of this innovation and technology industry guidance fund was approved by the Finance Committee of the Legislative Council.
The outside world noticed that the official website of the Hong Kong Securities and Futures Commission shows that Hong Shang Asset Management (Hong Kong) Company Limited obtained the Type 4 license "Advising on Securities" and Type 9 license "Asset Management" issued by the Hong Kong Securities and Futures Commission on July 4, 2025. A well - known venture capital institution in the Greater Bay Area revealed that the Type 9 license is a prerequisite for raising funds in Hong Kong, and they are also accelerating the process internally. Perhaps this means that the scene of VC/PE institutions raising funds in Hong Kong is about to begin.
Looking back over the past five years, Hong Kong has invested more than HK$150 billion to promote the development of innovation and technology, and the pace of attracting talents and industries has been rapid. Data shows that the number of startups in Hong Kong has increased from about 1,000 in 2014 to nearly 4,700 in 2024. At the same time, multiple departments of the HKSAR Government have negotiated with more than 200 high - potential or representative companies to set up or expand their businesses in Hong Kong.
As a result, a number of new faces have quickly emerged in Hong Kong. Internet companies such as ByteDance and Xiaohongshu are accelerating their entry, and startups in fields such as AI, embodied intelligence, and life sciences are queuing up to settle in. Saying goodbye to traditional real estate, Hong Kong is experiencing an unprecedented industrial transformation.
"Old Money is quietly retreating, and New Money is rapidly rising." This voice has recently swept through the Hong Kong circle. As the attractiveness of emerging industries increases, a batch of international funds focusing on China have quickly flocked to Hong Kong, renting offices at an "astronomical price" of more than HK$100 per square foot.
The flow of money has far - reaching implications.
This article is from the WeChat official account "Investment Community" (ID: pedaily2012), written by Zhou Jiali and Yang Wenjing, and published by 36Kr with authorization.