Hong Kong investment fund plans new spending on gene-related project, CEO says

New addition to its project roster would involve gene sequencing and exploration of genetic information, CEO Clara Chan says

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CEO Clara Chan Ka-chai speaks at an event to promote artificial intelligence in July 2024. Photo: Dickson Lee

Published: 7:00pm, 11 Sep 2024

Hong Kong Investment Corp (HKIC) expects to announce a new investment in the biotechnology sector later this week as part of its efforts to turn the city into an international technology hub.

The government-owned firm, tasked with investing HK$62 billion (US$8 billion) worth of reserves in strategic industries, will put money in a project involving gene sequencing and exploration of genetic information, CEO Clara Chan said at a forum on Wednesday. More information may be disclosed on Friday, she added.

The new investment focus will demonstrate “the great potential of applying Chinese wisdom and technology for global good”, she said. “We are very positive towards the future development of the biotech industry in Hong Kong.”

The government established HKIC in 2022, allocating some of its reserves into four funds – the Hong Kong Growth Portfolio, the Greater Bay Area Investment Fund, the Strategic Tech Fund, and the Co-Investment Fund, to steer the growth of strategic industries.

Hong Kong, home to some 250 biotech-related firms and top-tier universities, is well-placed to develop a vibrant biotech ecosystem, Chan said. The city is also the second most popular venue for new stock offerings by biotech firms after the US, making it an ideal place to seek capital to fund growth, she added.