The SAR government launched an Enhanced Scheme for the Innovation and Technology Venture Fund (ITVF) on Dec. 19 last year, allocating HK$1.5 billion to establish joint funds with the industry for investment in three strategic sectors, including life and health technology. The application deadline is set for Feb. 19.
In a television program, the Under Secretary for Innovation, Technology and Industry, Lillian Cheong Man-lei, expressed hopes of attracting fund managers from both domestic and overseas to help bring technology pioneers to Hong Kong, forming a technology innovation industrial chain. The approval process will consider the past management scale and performance of the applicants, with results expected to be announced by mid-year.
She emphasized that half of the fund's investments must be directed towards Hong Kong enterprises, including companies that establish headquarters, international R&D centers, or advanced manufacturing centers in Hong Kong, as long as they have a technological component.
Additionally, the government plans to launch a HK$10 billion Innovation and Technology Industry-Oriented Fund as early as April next year. Cheong hopes to use these financial instruments to create a technology innovation industrial chain, further expanding the investment scale from HK$10 billion to HK$40 billion, driving mid-to-late stage investments, and attracting capable enterprises to Hong Kong to promote the development of the entire industrial chain.
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