Hong Kong Investment Corporation Ramping Up
Posted on 09/25/2023
The Hong Kong Investment Corporation Limited (HKIC) is a new, wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio,” “Greater Bay Area Investment Fund,” “Strategic Tech Fund,” and the new “Co-Investment Fund.”
The objectives of HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. It pools together government, foreign, and local enterprises to further develop Hong Kong.
Invest Hong Kong is now acting as a partner to HKIC and the Hong Kong Monetary Authority (HKMA) in the preparation to launch HKIC. HKIC is close to appointing its first CEO, and plans to make some investments in the following months. HKIC says it will gradually expand its management and investment teams as business develops.
Hong Kong CEO John Lee announced the establishment of HKIC in October of 2022. The initial assets allocated to the corporation was HK$62 billion with HK$22 billion coming from Hong Kong Growth Portfolio (HKGP), HK$5 billion from Greater Bay Area Investment Fund, HK$5 billion from Strategic Tech Fund, and HK$30 billion from the new Co-Investment Fund. HKIC’s focus will be on technology, including AI and fintech. HKIC’s plan will be to invest mainly with general partners. However, HKIC will also invest alone at times.
