In 2015, the government allocated more than 200 billion yuan to set up a "Future Fund" for high-risk long-term investments; the current-term government set up a "Hong Kong Growth Portfolio" under the fund the previous year, aiming to invest strategically in "Hong Kong-related" projects , enhance the competitiveness of Hong Kong's industries, and consolidate the status of finance, commerce, and innovation and technology.
The Legislative Council passed a motion today (September 9), asking the government to make good use of the "Future Fund", not only focusing on investment returns, but also aiming to improve Hong Kong's industrial and employment structure in the long-term as an investment objective to promote industrial diversification.
In addition to appointing investment institutions, the government should "fall into the water" to participate in venture capital, formulate an industrial development blueprint as soon as possible, and guide future investment directions.
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The government allocated 22 billion yuan in the "Future Fund" last year to set up an investment portfolio called the "Hong Kong Growth Portfolio". This year, it added 10 billion yuan and divided it into two parts, of which 5 billion yuan is the "Strategic Innovation and Technology Fund". Another 5 billion yuan is for the "Greater Bay Area Investment Fund".
Hong Wen, a member of the election committee who proposed the motion, suggested that the government make good use of the "fund" to actively cultivate new growth points such as innovation and technology industries and strategic emerging industries. The government should play a more active role in investment and follow the example of Singapore's Temasek Holdings. The government may consider setting up a venture capital institution "Hong Kong Venture Capital" with direct investment, which will operate independently of the government.
Mr. Huang Yuanshan, a member of the Election Committee, advocated investing in "deep technology" projects in universities with potential commercialization, long R&D cycles and large capital demands, so as to leverage the research advantages of Hong Kong universities.
Chen Zuheng in the textile and garment industry suggested to use the Temasek fund as a reference to set clear goals for future investment priorities, such as cross-industry digital technology.
Member of the Election Committee, Mr. Wu Jiezhuang, requested to promote re-industrialization through long-term investment and help Hong Kong's advantageous industries expand to the Greater Bay Area.
Hong Kong Growth Portfolio has appointed 8 investment partners
The Deputy Secretary for Financial Services and the Treasury, Mr Chan Ho-lam, said that the relevant preparatory work for the 5 billion "Strategic Innovation and Technology Fund" is currently underway, and the Science and Technology Park and Cyberport will be invited to identify technology companies of strategic value to Hong Kong, and It can enrich investment opportunities in the innovation and technology ecosystem.
He said that he will review the investment situation of the "Hong Kong Growth Portfolio" from time to time, and has made good progress so far. So far, eight general partners have been appointed, covering a wide range of industries, including technology, healthcare, logistics and supply chain management, business And financial services, consumer goods, etc., the government will closely monitor the performance of partners.
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