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Explainer | What is the HKIC and why is it so important for Hong Kong’s economic development?
- The HKIC will use its initial corpus of HK$62 billion (US$8 billion) to support innovative start-ups, enhance economic growth and generate returns for the government
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The government-owned Hong Kong Investment Corporation (HKIC), which manages HK$62 billion (US$8 billion) of funds, has embarked on its investment journey, forming partnerships with key players to foster innovation and technology in the city.
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The HKIC on June 24 struck a deal with Beijing-based Biomap – a biotechnology firm launched by Chinese internet giant Baidu’s founder Robin Li Yanhong – to set up an accelerator called BioMap InnoHub to support more than 50 early stage research projects in life sciences.
This came a week after the fund’s first partnership with home-grown artificial intelligence (AI) unicorn SmartMore, enlisting the firm to use Hong Kong as a development base and to make the city’s stock market its first choice if it goes public.
More deals will be made by the HKIC every quarter, CEO Clara Chan Ka-chai said in an interview earlier in June.
Here is what you need to know about the fund:
What is the Hong Kong Investment Corporation?
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