Hong Kong Investment Corporation Limited issues invitation for proposals regarding fund managers of the Investment Portfolio under the New Capital Investment Entrant Scheme (November 2024)

(Hong Kong, 27 November) The Hong Kong Investment Corporation Limited (“HKIC”) today issues invitation for proposals (“IFP”) regarding fund managers of the Investment Portfolio (“CIES IP”) under the New Capital Investment Entrant Scheme (“New CIES”). The HKIC is tasked to set up and oversee the management of the CIES IP.

The HKIC has previously made announcement about the CIES IP under the New CIES. Today, the HKIC formally issues the IFP for the relevant appointment of fund managers, with a view to joining hands with investment institutions with varying background and strengths, and leveraging their professional acumen and network. This will bring the requisite contribution to the long-term development of Hong Kong’s economy and society by accelerating the exploration and strategic planning of cutting-edge growth drivers along the development journey of technological innovation.

Eligible institutions are welcome to submit proposals on how to achieve the above objectives. Relevant details can be accessed by this link. Deadline of submission is 10 December.

The Government of the Hong Kong Special Administrative Region announced the details of the New CIES early this year and has started to accept application since 1 March. An eligible applicant under the New CIES must make investment of a minimum of HK$30 million in the permissible investment, including placing HK$3 million into the CIES IP. The HKIC will set up and oversee the management of the CIES IP. The relevant capital will be used to accelerate the promotion of cutting-edge industries or new applications, which are being shaped and at the initial stage of development. According to the HKIC’s latest estimate, the size of the CIES IP under the New CIES is expected to be at least HK$300 million by the end of this year. Subject to the successful identification and appointment of fund managers, the CIES IP is expected to start investment in the first quarter of 2025.

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About HKIC 

The HKIC was established and is wholly owned by the HKSAR Government. As Patient Capital, it carries a dual mandate - seeking reasonable financial return in the medium to long term through optimizing the use of fiscal reserves, and leveraging its ability to guide and channel capital to build a more vibrant innovation and technology ecosystem and industry chain. The HKIC manages HK$62 billion currently, covering the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund” and “Co- Investment Fund”. At this stage, it is focusing on three key sectors, namely Hard and Core Technology, Biotech, and New Energy/Green Technology. Visit the website for more information: https://www.hkic.org.hk/