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Hong Kong budget 2020-2021
Hong KongHong Kong economy

Hong Kong closer to launching unprecedented HK$22.4 billion investment vehicle with appointment of top executives

  • The Hong Kong Growth Portfolio, similar to Singapore’s sovereign wealth fund Temasek, will invest in projects centred on lifting city’s competitiveness
  • Six individuals from technology, banking and commerce will sit on governance committee chaired by Financial Secretary Paul Chan

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Hong Kong is facing a huge deficit from government spending to keep residents and businesses afloat amid the Covid-19 pandemic and recession. Photo: Sun Yeung
Denise Tsang
Hong Kong moved closer on Wednesday to launching an unprecedented HK$22.4 billion (US$2.9 billion) investment vehicle with six non-officials appointed to helm the initiative.
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The administration had identified top executives from sectors such as innovation and technology, as well as banking and commerce for a term of two years from October 1. They will become members of the governance committee for the investment drive.

The group will serve as high-level advisers to provide strategic steering for the Hong Kong Growth Portfolio, guiding matters such as investment mandates and asset allocation.

Hong Kong Financial Secretary Paul Chan will chair the governance committee of the investment vehicle. Photo: Nora Tam
Hong Kong Financial Secretary Paul Chan will chair the governance committee of the investment vehicle. Photo: Nora Tam
Chaired by Financial Secretary Paul Chan Mo-po, the committee comprises: Victor Fung Kwok-king, group chairman of trade multinational Fung Group; lawyer and venture capitalist Victor Chu Lap-lik; banker Chen Shuang; venture capitalist Herbert Chia Pun-kok; Hong Kong Science and Technology Parks Corporation chairman Sunny Chai Ngai-chiu; and Cyberport non-executive chairman Lee George Lam.
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“The appointed non-official members of the governance committee include experts from the private equity and venture capital field, as well as leaders from the financial services and business sectors,” Chan said. “I look forward to benefiting from their insights and advice on strategic matters of the Hong Kong Growth Portfolio.”

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