The Hong Kong Government has launched a HK $ 2 billion fund to encourage venture

The Hong Kong Innovation and Technology Commission announced on Friday that it would launch a HK $ 2 billion "Venture Capital Fund" to encourage venture capital funds to invest in local innovation and technology start-ups.

The department's statement that Hong Kong or overseas venture capital fund can be applied to become a "venture capital fund" co-investment partners. The Government will select the venture capital fund on the basis of a number of conditions and the advice of an independent advisory committee comprising business leaders and investment leaders, professionals and academics. The selected venture capital fund will enter into an agreement with the government.

"We are confident that this new foundation will create a more dynamic innovation and technological environment for Hong Kong," said Chuang Weixiong, director of the Bureau of Science and Technology, which will help fill the funding of local innovation and technology start-ups. Say.

The government will invest with a co-investing partner in an overall ratio of about 1: 2 and invest in eligible start-ups; the government will provide appropriate dividends and other performance incentives.

A venture capital fund is now accepting the venture capital fund application, the deadline for January 15 next year.

Former Special Envoy, Mr Leung Chun-ying, announced in his policy address in 2016 that HK $ 2 billion was set up to set up a venture capital fund to form a joint venture with a private venture capital fund.