Hong Kong Startup Support Expands with HKD10bn Technology Fund

Hong Kong startup support is being expanded through a new HKD10bn (USD1.27bn) technology fund and greater use of patient capital as the city positions itself as a gateway for mainland companies expanding internationally.

Innovation Secretary Sun Dong said the Innovation and Technology Industry-Oriented Fund will target life and health technology, artificial intelligence, robotics, semiconductors and smart devices.

Hong Kong Investment Corporation Chief Executive Clara Chan said the sovereign investment platform would strengthen its patient-capital role and encourage collaboration between portfolio companies.

Chief Executive John Lee said more than 11,000 non-local companies and 5,200 start-ups operated in Hong Kong last year, both record highs.

Around 20 unicorns have emerged over the past decade, while more than 90 technology companies have entered Hong Kong Park in the Loop, reinforcing the city’s ambition to become a larger innovation and investment hub.