HKIC shifts AI investment focus to downstream applications; BOC Investment eyes cross-border industrialisation
HKIC says over 70 per cent of its capital targets early and growth-stage firms, with 11 of 250 portfolio companies listed in Hong Kong and over 30 planning listings this year. Its CEO outlined a pivot to AI applications and open-source innovation. BOC Investment plans cross-border industrialisation
Hong Kong Investment Corporation (HKIC) Chief Executive Clara Chan said more than 70 per cent of the company's capital is placed in enterprises at early and growth stages, and the investments are already showing results. Speaking at an event, she said that among 250 portfolio projects, 11 companies have listed in Hong Kong, and over 30 plan to list or submit listing applications this year.
Chan said future technology should serve the needs of different groups of people, be easy to access and affordable. Taking artificial intelligence as an example, she said HKIC is gradually shifting its investment focus to the middle and downstream parts of the AI value chain, including practical application scenarios. She highlighted particular attention to open-source AI, which she said can significantly lower innovation costs and allow younger generations and small startups to innovate quickly, thrive and compete.
Wang Jun, deputy chief executive of BOC Group Investment, said at the same event that the company is implementing a transformation strategy focused on investing early, investing small and investing in hard technology, to support the commercialisation of research in Hong Kong. He said the firm has invested in more than 10 technology funds and nine Hong Kong technology projects, focusing on sectors including artificial intelligence, biomaterials manufacturing and new materials.
Wang said BOC Investment will give priority to projects supported by the Hong Kong Special Administrative Region government and is actively exploring a cross-border industrialisation pathway that combines Hong Kong research with Greater Bay Area conversion. He argued for promoting a model of Hong Kong research and development with mainland verification.
As a global investment platform based in Hong Kong, Wang said BOC Investment will play the role of national risk capital, patient capital and long-term capital. He said the firm has invested in a number of major projects with significant industry influence, large amounts and attractive returns in energy, aviation, semiconductors and advanced manufacturing. Over the past three years, technology loans in the Greater Bay Area have exceeded 700 billion yuan.
Wang stressed that the company will use its global institutional network and cross-border financial services to help technology go global, and promote seamless connection between the technology innovation chain and the manufacturing industry chain.