US$880m fund for GBA start-ups

Business | Staff reporter 12 Jun 2019

Hongkong and Shanghai Banking Corporation has launched a US$880 million (HK$6.86 billion) technology credit fund called GBA+ loans to provide financing support for innovation and technology start-ups in the Greater Bay Area.

The fund will offer senior debt financing to emerging firms in industries including e-commerce, fintech, robotics, biotechnology and medical technology in the area.

The start-ups may have obtained initial investment from venture capital or private equity companies instead of still standing in the phase of proving the feasibility of concepts.

Meanwhile, Secretary for Financial Services and the Treasury James Henry Lau said Hong Kong's offshore yuan pool has grown to 650 billion yuan and the liquidity management within the bank system is sound.

He added that People's Bank of China's issuing yuan bills strengthens Hong Kong's position as the preferred gateway for foreign investors to enter mainland financial market.

Separately, former secretary for financial services Ceajer Chan Ka-keung said Hong Kong has a major role in promoting the internationalization of the yuan and diversification of the financial market.

Hong Kong should allow residents in the Greater Bay Area to purchase financing products and attract more assets in the Bay Area into the finance industry, he said.

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