HKIC CEO says patient capital key to international credibility
HKIC CEO Cindy Chan said the firm is patient capital, not focused on short-term market fluctuations. She noted a new offshore yuan venture capital fund has begun investing in AI and brain-computer interfaces. The firm prioritises early-stage investments and aims to root portfolio companies in Hong K
Hong Kong Investment Corporation (HKIC) Chief Executive Cindy Chan said the firm has established an offshore yuan venture capital fund, believed to be the world's first such vehicle, which has already begun investing in artificial intelligence and brain-computer interface projects.
Speaking on a radio programme, Chan said Hong Kong plays an important role in offshore yuan development, with investors from different regions and long-term investment horizons keen to participate in Hong Kong and mainland China's innovation and technology growth. She said the firm aims to enrich the venture capital and technology ecosystem and will build bond investments in collaboration with various Hong Kong banks, with details to be announced later.
Chan described HKIC's core strategy as “invest early, invest small” but acknowledged the approach carries risks. She said the firm must clearly follow the national and Hong Kong development agenda, and that with many global investment tracks, the firm must focus and manage its work well.
“HKIC is patient capital, not focused on short-term market fluctuations,” Chan said. “If capital moves in and out of the market, it will not gain strong international recognition, and outstanding technology enterprises and talent will not look forward to such capital.”
She said HKIC invests in different companies hoping they will root themselves in Hong Kong. Portfolio companies have registered more than 300 intellectual property rights in Hong Kong and have established over 200 collaborations with universities, including joint laboratories. Chan expects investee companies to drive other industries, such as AI companies using large language models to support traditional industry upgrades and transformation, as well as promoting diversification and local employment.
Chan announced HKIC will recruit its first cohort of interns, with winter and summer intakes of 10 people each year. Preference will be given to students studying at local universities, with the aim of bringing young perspectives to contribute to HKIC's development.