First batch of fund managers selected, in principle, of Innovation and Technology Venture Fund enhanced scheme
The Innovation and Technology Commission (ITC) today (April 23) announced the selection, in principle, of nine companies as the first batch of fund managers of the Innovation and Technology Venture Fund (ITVF) enhanced scheme, and they are as follows:
CC SIF Advisory Limited
Cloudview Asset Management Limited
CMB International Asset Management Limited
Cowin Asset Management (HongKong) Limited
Dalton Venture Hong Kong Limited
Gobi Admiralty Limited
Templewater Hong Kong Limited
Tsinghua Innovation Ventures (Hong Kong) Limited
Waterwood Asset Management Limited
"The ITVF enhanced scheme aims to, through a top-level design, leverage more market capital to invest in local innovation and technology (I&T) start-ups. It is a significant attempt by the current Hong Kong Special Administrative Region Government to reform our investment approach for I&T industries. The enhanced scheme provides practical experience and reference for the Government to introduce more market-oriented investment tools in the future," said Secretary for Innovation, Technology and Industry, Professor Sun Dong.
"The ITC is very pleased to partner with these nine fund management companies with a view to driving investments into start-ups of strategic industries. By leveraging the expertise of professional fund managers, the enhanced scheme shall attract more market capital in order to provide more financing and other support for start-ups and further enrich the local I&T ecosystem. We look forward to the selected fund managers completing their fundraising as soon as possible to match with government capital, so that the funds can commence operations early and start investing in technology start-ups," said a spokesman for the Commission.
The ITC received 65 applications following an open invitation for the ITVF enhanced scheme. Selection of the abovementioned nine companies as the first batch of fund managers was made in principle based on assessment criteria including the applicants' background, team experience, investment strategy and processes, investment performance, fee structures and its industry network and support both in and outside Hong Kong, and after consulting the ITVF Advisory Committee's advice.
Each selected fund manager will serve as a general partner (GP) of a fund and has to raise at least $450 million in non-government capital, and establish a limited partnership fund in Hong Kong with a minimum fund size of $600 million (including the Government's contribution). The fund managers will, as the GPs, be responsible for managing the daily operations of the fund, investing in target start-ups in accordance with the investment mandate, providing support to investee start-ups and preparing regular reports. The Government, as one of the limited partners, will commit one dollar for every three dollars raised from the market on a matching basis, with a contribution ranging from $150 million to $250 million for each fund. Upon the successful raising of capital and fulfillment of relevant regulations and requirements, the Government, in its capacity as a limited partner, will enter into the limited partnership agreement of the funds with the fund managers.
The $2 billion ITVF was set up to encourage private investment in local I&T start-ups. Under the ITVF enhanced scheme, the Government will redeploy at most $1.5 billion to set up funds jointly with the market, on a matching basis, to invest in start-ups of three strategic industries, namely (a) AI and data science, (b) life and health technology, and (c) advanced manufacturing and new energy. Details are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp).
Source: AI-found images
Speech by FS at South African Freedom Day Reception 2026
Following is the speech by the Financial Secretary, Mr Paul Chan, at the South African Freedom Day Reception 2026 today (April 23):
Consul General Mogono (Consul General of South Africa in Hong Kong, Mr Mojalefa Mogono), Deputy Commissioner Hua You (Deputy Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region), members of the diplomatic community in Hong Kong, distinguished guests, ladies and gentlemen,
It is a great pleasure to join you this evening to celebrate South Africa's Freedom Day.
South Africa and our country, China, are close partners, sharing a long-standing and resilient relationship. Since the establishment of diplomatic relations 28 years ago, our ties have continued to deepen, and now grown into an All-round Strategic Cooperative Partnership in the New Era.
Our two countries work closely together in the international arena, through platforms such as the G20, BRICS and the Belt and Road Initiative. As important members of the Global South, we share a commitment to mutual benefit, win-win co-operation, shared prosperity, and respect for each other's chosen path of development. In a world of uncertainty, instability and change, that spirit of mutual respect and solidarity matters greatly.
This is a world in profound transformation. Geopolitical tensions remain high. Conflicts persist. Globalisation is facing headwinds. Technological advancement and green transition redefine development models and competitiveness. But change also creates opportunity. Technological innovations are opening up extraordinary new possibilities. Artificial intelligence and other frontier technologies are reshaping industries, economies and the way we live, work and do business.
Amid these changes, China remains a stabilising force in the global arena and a powerful engine of growth. This year marks the beginning of our country's 15th Five-Year Plan period. Innovation, technological breakthroughs, green transformation, and high-level opening up will be central to this new chapter of development.
Hong Kong will continue to play an instrumental role in this process. As a free port and an international trade, financial and business hub, we are uniquely placed to connect our country with the rest of the world. In particular, as more Mainland enterprises expand to the Global South, including the African continent, Hong Kong supports them with a deep capital market, comprehensive funding options and a full range of professional services.
We will continue to serve as a gateway for foreign enterprises and investors to gain greater access to the vast Mainland market.
Our role is clear, and the connectivity is in both directions, inbound and outbound. We connect capital with opportunities, businesses with markets, and partners with long-term growth.
In many respects, Hong Kong and South Africa are natural partners. Hong Kong is the gateway to China and Asia. South Africa is the gateway to the African continent. The markets are different, but the role is similar. We are both connectors that create potential for deeper collaboration and shared progress.
Hong Kong's capital market is well positioned to South African businesses' growth and international expansion. We bring capital, businesses and opportunities together efficiently and effectively. For example, we welcome South African companies to list on our stock exchange to access capital in this part of the world. Besides, we stand ready to explore broader financial connectivity with your country, including dual listing of enterprises and ETPs (exchange-traded products), as well as closer cross-border regulatory co-operation.
There is also great scope for collaboration in digital economy and green transition. Our strengths in green finance, fintech, and innovation and technology can work well with South Africa's key industries, including mining, energy, agro-processing and manufacturing. Together, our entrepreneurs can develop innovative solutions that help strengthen your industry development on a sustainable and inclusive basis.
But our strong relationship is not just in trade and finance. It is the bond between the two peoples. Hong Kong is fast becoming an international education hub. A number of our universities and academic disciplines rank among the world's best, attracting outstanding talent from across the globe.
We would be delighted to welcome more young people from South Africa to study in Hong Kong, build their future here, and bring home new ideas, new experiences, and new connections.
And if I may end on a sporting note, nothing would be more delightful than seeing the Blitzboks return to the Hong Kong Sevens next year to defend their title.
Consul General, our warmest congratulations again on South Africa's Freedom Day.
And ladies and gentlemen, may I now invite you to join me in a toast: to the people of the Republic of South Africa, and to the enduring friendship and co-operation between the People's Republic of China and the Republic of South Africa. Thank you.
