Speech by Acting SITI at Cyberport Venture & Capital Forum 2026
Following is the speech by the Acting Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, at the Cyberport Venture & Capital Forum 2026 today (November 4):
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The Acting Secretary for Innovation, Technology and Industry, Ms Lillian Cheong. Photo source: reference image
Hong Kong. Photo source: reference image
Cyberport. Photo source: reference image
Cyberport Venture & Capital Forum 2026. Photo source: cvcf.cyberport.hk
Speech by Acting SITI at Cyberport Venture & Capital Forum 2026 Source: HKSAR Government Press Releases
The Acting Secretary for Innovation, Technology and Industry, Ms Lillian Cheong. Photo source: reference image
Simon (Chairman of the Board of Directors of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Duncan (Member of the Legislative Council (Technology and Innovation Constituency) Mr Duncan Chiu), Rocky (Chief Executive Officer of the Hong Kong Cyberport Management Company Limited, Dr Rocky Cheng), Arnold (Associate Director-General of Investment Promotion of Invest Hong Kong Mr Arnold Lau), distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join you all today at the Cyberport Venture & Capital Forum (CVCF) 2026. To our guests from the Mainland and overseas, a very warm welcome to Hong Kong.
This forum brings together visionary entrepreneurs, innovative technology companies and forward-looking investors. May I thank Cyberport, thank you very much Simon and Rocky and also for your team, for connecting these communities, and all of you for contributing your experiences, ideas and ambition.
This year's theme, "Scaling in a Changing World: Winning the Next Competitive Cycle", captures a pressing question for entrepreneurs and investors alike: that is how do we turn rapid technological change into lasting business value?
AI is changing not only the products and services that technology companies offer, but also how they operate and grow. Yet adopting AI does not, in itself, guarantee business success. What matters is how effectively these enterprises integrate AI into their operations to meet customer needs, improve productivity and strengthen their long-term competitiveness.
Turning that potential into sustainable growth requires more than technology. It also requires investment, business expertise and access to markets. This is where today's forum can make a difference - bringing innovators and investors together to explore emerging technologies, supporting promising ventures and opening doors to new opportunities. With discussions spanning the Greater Bay Area, the Middle East, ASEAN (Association of Southeast Asian Nations) and Central Asia, this event will explore how enterprises can reach new customers and scale beyond their home markets.
Hong Kong. Photo source: reference image
Hong Kong's role is to help bring these elements together. Our start-up ecosystem continues to grow, with over 5 200 start-ups in 2025, an increase of 11 per cent over the previous year. Our Hong Kong Science Park and Cyberport have together nurtured around 20 unicorns. To build on this momentum, we will continue to strengthen the support that helps promising ventures grow. We want our entrepreneurs to find here not only funding, but also partners, customers and pathways to wider markets. Equally, we want our investors to find promising ventures with the capabilities and ambition to grow.
The Government is very much committed to strengthening that environment. The 2026 Policy Address sets out further support for AI adoption and start-up development.
For example, we will enhance the Digital Transformation Support Pilot Programme, providing matching subsidies to help more SMEs (small and medium-sized enterprises) adopt AI and cybersecurity solutions. This is about helping businesses become more competitive, while creating opportunities for innovators to demonstrate their solutions in everyday operations.
On financing, we are strengthening government investment to mobilise more private capital, to join hands with us to build our very robust start-up ecosystem. With the additional HK$1 billion, the Government's provision for the enhanced Innovation and Technology Venture Fund (ITVF) scheme will help increase to up to HK$2.5 billion, with at least HK$7.5 billion in market capital expected to be raised. So far, nine GPs (general partners) were selected, in principle, in April as the first batch of fund managers, and we have since made our first investment commitment under the enhanced scheme. The GPs will help raise capital and manage investments in start-ups in strategic industries, including AI and data science.
Apart from the ITVF enhanced scheme which is focusing more on the early stage of investments, like A round and B round supporting our start-up development, we also have another new scheme known as the HK$10 billion Innovation and Technology Industry-Oriented Fund, the ITIF, which is expected to bring its total fund size to at least HK$40 billion, including market contributions. So far, 20 GPs have been shortlisted and they are raising the capital to form the sub-funds with us. We, the Government, will be one of the key LPs (limited partners) for these funds. The ITIF will support five thematic areas, such as AI and robotics, life and health technology, and future and sustainable development. As you can see, all these together, all these initiatives will bring capital and professional investment expertise to support the growth of innovative enterprises.
These efforts reflect a simple principle: technology, capital and applications must develop together. Investment enables enterprises to develop and refine their technologies, while practical applications demonstrate their commercial value and help attract further investment.
Cyberport. Photo source: reference image
Cyberport is therefore an important partner in this endeavor, helping start-ups connect with investors, business partners and new markets. Its community now brings together over 2 400 companies, which is a testament to the strength of its innovation ecosystem. As the Cyberport Investors Network celebrates its ninth anniversary, I would like to take this opportunity to thank the investors and partners here who have been offering to us, to Cyberport and to our start-ups your very kind support. Your contribution extends beyond financing. Industry knowledge, business networks and guidance are just as important in helping a young company take its next step. So, thank you very much.
Ladies and gentlemen, success in the next competitive cycle requires more than being quick to adopt new technologies or bring products to market. It also depends on sound decisions, effective action and strong partnerships across sectors and borders. So, may I encourage investors to connect with the founders here to make good use of Cyberport, this very precious platform. For our entrepreneurs, may I encourage you to seek not only funding, but also the expertise and partnerships that will help your businesses grow.
Let us use this forum to turn conversations into collaboration, and promising ideas into businesses that create lasting value.
Lastly, I wish the CVCF 2026 every success, and all of you a productive and rewarding exchange. Thank you.
Cyberport Venture & Capital Forum 2026. Photo source: cvcf.cyberport.hk
Speech by Acting SITI at Cyberport Venture & Capital Forum 2026 Source: HKSAR Government Press Releases
