Sun Dong targets HK$40 billion innovation fund pool
Crhk · 1 SOURCESabout 2 hours ago5 MIN
Summary
Innovation, Technology and Industry Secretary Sun Dong (孫東) said on Sunday that the government aims to launch a HK$10 billion Innovation and Technology Industry Guiding Fund before the end of the year, with the goal of attracting HK$30 billion from the industry so the overall pool reaches HK$40 billion. He said about 20 fund management companies have already been preliminarily selected, and fundraising is under way to set up sub-funds. The government has also reserved an additional HK$1 billion to optimise the Innovation and Technology Venture Fund. Separately, Sun said the first building in the Hong Kong Park of the Hetao zone has been completed and is being leased out ahead of operations
Key Points
- Sun said the new guiding fund will total HK$10 billion initially, and officials hope private-sector participation will expand it to HK$40 billion overall
- About 20 fund management companies have been preliminarily shortlisted, while fundraising work is continuing to establish sub-funds under the scheme
- Another HK$1 billion has been earmarked to improve the Innovation and Technology Venture Fund, alongside the new industry guiding fund
- Hong Kong's first five-year innovation and technology plan sets targets for post-2030 R&D spending at 3% of GDP and new industrial value-added at 5.5%
- Sun said the first building in the Hetao Hong Kong Park is completed, with leasing under way and several research, university and manufacturing initiatives planned
Why It Matters
The plan points to a more interventionist funding model in which public money is intended to draw in larger private capital for Hong Kong's innovation and technology sector. It also links financing with physical development in the Northern Metropolis and Hetao, where the government is trying to turn research capacity into industrial activity and cross-border collaboration