Government-owned funds manager picks up investments pace

Themis Qi

The government-owned Hong Kong Investment Corporation has invested in more than 80 projects since its inception in 2022, chief executive Clara Chan Ka-chai says, though only seven targets have been revealed so far.

HKIC sped up investments in the second half of the year, Chan said at the Legislative Council, adding that funds injected were at least twice as much as last year's. She did not reveal specific numbers.

By regions, 42 percent are located in the mainland, 36 percent in Hong Kong and 22 percent from other markets, Chan noted, adding that investments in other regions including the Middle East, Southeast Asia and Europe will increase.

She said many overseas institutions have expressed interest in collaboration after Financial Secretary Paul Chan Mo-po said there is currently no need to inject more funds.

The manager of HK$62 billion in government funds said its first strategic partnership was with an artificial intelligence unicorn SmartMore in June, followed by announcements of cooperation with BioMap - founded by Baidu chief executive Robin Li Yanhong - in the same month and Beijing-based embodied AI robot maker Galbot in July.

In August, HKIC announced its first overseas project, to support local startup Spark EV to offer electric vehicle-related technologies and solutions in Thailand under a partnership with the country's state-owned oil company BCP. In September, Chan said in a forum that HKIC would invest in the gene sequencing company Shanghai GeneSense Technology, smart grid-focused Emaldo and biotech firm Ninenovo Technology (Hong Kong).

HKIC did not reveal the amount of funds citing confidentiality. Chan said HKIC is not able to disclose all of its investments as some projects may involve "cutting-edge technology" or need time to be launched.

HKIC will offer a complete annual report next year, said Chan. She said HKIC's funds generated over 2,000 jobs related to technologies and innovation.

Meanwhile, the investment scale with funds from Hong Kong's new investor visa schemes will increase from HK$300 million to at least HK$450 million as the government processes applications, Chan said.

themis.qi@singtaonewscorp.com