Policy Address

Technology Investments

65. The Government’s Innovation and Technology Venture Fund (ITVF) co-invests with venture capital funds on a matching basis in local I&T start-ups. So far, ITVF has 11 Co-investment Partners. The HKSTPC’s Corporate Venture Fund and Cyberport’s Cyberport Macro Fund have expanded their investment coverage to beyond Series A stage. Furthermore, we have deployed 10% of the Future Fund to establish the Hong Kong Growth Portfolio last year for strategic investments in projects with a “Hong Kong nexus”, with I&T being one of the target industries. To complement the existing multiplicity of funding schemes for the development of I&T sector and markets, the Government will make relevant investments by partnering with suitable private equity firms, focusing on assisting fast-growing I&T enterprises including start-ups. Besides, the HKSTPC will set up the GBA InnoExpress to help nurture start-ups on all fronts and support enterprises to “go global” and “attract foreign investment”. I encourage more enterprises and fund investors to support the I&T development in Hong Kong.

Involvement in National Research and Development Work

66. Over the years, local universities have established close collaborative relationships with research institutions in the Mainland in various research programmes of which many have borne fruit. For instance, we are all proud of the fact that some of the instruments currently used on the Moon and Mars were developed by PolyU, which has actively participated in our nation’s space exploration projects. I encourage Hong Kong scientists to continue taking part in these meaningful collaborations in order to contribute to our country.