Just now, Hong Kong invested in 9 GPs at once.
Officially released.
According to investment community - Decoding LP, under the optimization plan of the Hong Kong Innovation and Technology Venture Capital Fund, the list of the first batch of 9 fund managers selected in principle has been announced:
CC SIF Advisory Limited, Yunhao Asset Management Co., Ltd., CMBC International Asset Management Co., Ltd., Tongchuang Weiye Hong Kong Asset Management Co., Ltd., Dalton Venture Hong Kong Limited (Daotong Investment), Gobi Admiralty Limited (Gobi Ventures), Shanshui Capital Hong Kong Limited, Shuimu Huading (Hong Kong) Venture Capital Management Co., Ltd., and Shuimu Asset Management Co., Ltd.
This is a microcosm of VC/PE funds raising in Hong Kong.
Hong Kong's Investment
The First Batch of Nine Investment Institutions Selected
Unveiled.
According to the official website, the Hong Kong Innovation and Technology Venture Capital Fund was established in 2017 with an initial scale of HK$2 billion. Its original intention was to guide venture capital to invest in local innovation and technology start - ups. Until the 2024 Policy Address proposed an optimization plan - the government would allocate an additional HK$1.5 billion to jointly set up funds in the ratio of "HK$3 raised from the market and HK$1 allocated by the government" to support three major directions: artificial intelligence, life - health technology, advanced manufacturing and new energy. The government's investment in each fund ranges from HK$150 million to HK$250 million.
Soon, the Hong Kong Innovation and Technology Venture Capital Fund launched an open recruitment. The market responded enthusiastically, and a total of 65 applications were received. Finally, the first batch of 9 institutions were selected. Looking through the list, each GP has a remarkable background.
CC SIF Advisory Limited is a wholly - owned subsidiary of CITIC Capital. The "Victoria Harbour Linkage Innovation and Technology Fund" (provisional name) managed by it has the Shanghai State - owned Investment Corporation as the cornerstone investor, with a target total scale of HK$600 million to HK$700 million. The fund manager is CITIC Capital CC SIF Advisory, Bank of Communications International and Taiping Asset Management (Hong Kong) serve as co - managers. Shanghai State - owned Investment Futeng Capital and its subsidiary Futeng International act as industry consultants, and BOC International and Yidu International also participate as partners.
This is the first Hong Kong dollar fund initiated by the Shanghai State - owned Investment Corporation and is also regarded as a key move in the cooperation between Shanghai and Hong Kong. The fund focuses on three major directions: AI and big data, high - end manufacturing and new energy, and life - health technology, and mainly invests in technology start - up projects incubated by Hong Kong universities, local innovation and technology enterprises, and derivative projects of leading enterprises in the industry. In addition, it will also serve as a link for the scientific and technological cooperation between Shanghai and Hong Kong, facilitating the innovation linkage between the Yangtze River Delta and the Greater Bay Area.
Tongchuang Weiye was also selected. Remember at the end of last year, Tongchuang Weiye held the 2025 US dollar fund investors' annual meeting in Hong Kong. At that time, Zheng Weihe, the founding partner and chairman of Tongchuang Weiye, said that the "patient capital" measures such as the Innovation and Technology Venture Capital Fund launched by Hong Kong were highly consistent with Tongchuang Weiye's long - term investment concept, and they would accompany high - quality enterprises to grow together.
Let's look at CMBC International. In the past few years, CMBC International has heavily invested and led multiple rounds of investment in a number of star technology enterprises such as CATL, Innoscience, Shenghe Jingwei, BioAtla, and Landspace. Zhang Guoyong, the head of its Hong Kong equity investment department, said that in the next step, they will complete the market fund - raising as soon as possible to match the government funds and put them into the market, so that the fund can start operating as soon as possible.
There is also Dalton Venture Hong Kong Limited in the list, which is backed by Daotong Investment focusing on the life sciences and medical health fields. Gobi Admiralty Limited is the Hong Kong investment platform and fund management entity of Gobi Ventures focusing on the Guangdong - Hong Kong - Macao Greater Bay Area.
Regarding the reinvestment requirements, Hong Kong has a clear idea: 100% of the GP funds need to be invested in enterprises related to the Hong Kong innovation and technology ecosystem, and at least 50% should be invested in Hong Kong enterprises or non - Hong Kong enterprises with innovation and technology - related institutions in Hong Kong. At the same time, the fund must ensure that the invested enterprises agree to use no less than 50% of the investment amount for local operations in Hong Kong, such as hiring talents, purchasing goods and services.
A spokesman for the Hong Kong Innovation and Technology Commission said: The Innovation and Technology Commission is very glad to cooperate with these nine fund management companies to jointly promote investment in start - ups in strategically important industries and further enrich the local innovation and technology ecosystem. "It is hoped that the selected fund managers can complete the market fund - raising as soon as possible to match the government funds and put them into the market, so that the fund can start operating and invest in technology start - ups as soon as possible."
VC/PE Funds Raising in Hong Kong
"High - tech for innovation, low - tech for profit." Hong Kong's eagerness to develop emerging industries is obvious.
As early as 2022, when Chief Executive of Hong Kong Li Jiachao took office, he repeatedly emphasized the significance of innovation and technology to Hong Kong with the slogan "No innovation and technology, no future". Also in this year, the Hong Kong Investment Corporation (HKIC), with an initial management scale of HK$62 billion, was officially established, aiming to attract no less than 100 potential or representative innovation and technology enterprises to settle in Hong Kong in the next five years.
Since then, we have seen that behind well - known technology companies such as Smoore Technology, ByteBridge, Galaxy Universal, Constellation Pharmaceutical, Insilico Medicine, and PPIO, there is the presence of HKIC. The outside world calls it the "Hong Kong version of Temasek". As of the end of October 2025, HKIC has invested in more than 150 projects and achieved two IPOs, making it the busiest government investment fund.
In addition, HKIC is also deeply involved in Hong Kong's "New Capital Investor Admission Scheme" and announced the ten investment institutions appointed for the "2025 Fund Group" at the end of last year, including PAG, Sky9 Capital, CMC Capital, Chenyi Capital, Yinshan Capital, M Capital, Bojun Capital, Primavera Capital, Xinchen Capital/CITIC Capital, and Yuanxin Capital Investment Management Co., Ltd., and Value Partners Group. The scheme started investing in the first quarter of this year.
Moreover, Hong Kong has also launched the HK$10 billion "Innovation and Technology Industry Guidance Fund". This fund draws on the successful experience of the National Development and Reform Commission, the Ministry of Science and Technology, and inland cities such as Shenzhen, leading market funds to invest in emerging fields such as life - health technology, AI and robotics, and future industries.
Overall, the total scale of Hong Kong's innovation and technology investment combination of "10 - billion - level mother fund + innovation and technology optimization fund + admission fund + accelerator plan" has approached HK$15 billion.
With the influx of funds, VC/PE institutions have flocked to Hong Kong. In the past year, leading mainland institutions have frequently taken actions in Hong Kong, such as obtaining licenses, opening offices, and setting up funds: Chenyi Capital opened an office in Hong Kong and launched a new US dollar fund; the Zhongke Chuangxing - The University of Hong Kong Venture Capital Fund completed its first close; Futeng Capital under the Shanghai State - owned Investment Corporation also opened an office in Hong Kong; Huaying Capital listed Hong Kong as another core node after Shanghai and Beijing, defining it as a "re - entrepreneurship"... The list is still growing.
All these vividly reflect the hard - core breakthrough of China's technology industry - achieving the localization of hard - core technologies and winning the global industrial discourse power.
This article is from the WeChat official account "Decoding LP", author: Zhou Jiali, published by 36Kr with authorization.