港府创科产业引导基金100亿港元承担额获立法会财委会通过

Group 1 - The Hong Kong government has proposed the establishment of a new "Innovation and Technology Industry Guidance Fund" with a capital allocation of HKD 10 billion, which was approved by the Legislative Council's Finance Committee on July 25 [1] - Concerns were raised by several legislators regarding the fund's returns and operational issues, with a specific mention that in the private equity (PE) and venture capital (VC) sectors, only a small percentage of investments tend to succeed [1] - The minimum capital return rate is set at 6% per annum, although certain industries, such as battery and satellite hardware, may not guarantee profitability [1] Group 2 - The Secretary for Innovation and Technology emphasized that the investment focus is on industry guidance and patient capital, which differs from the approach taken with PE and VC investments, indicating that returns may take longer to materialize [1] - The market's standard exit return rate is 8%, but due to the fund's purpose of industry guidance, achieving a 6% return is deemed sufficient for considering an exit [1] - The proposed management fee is capped at no more than 2% per annum, calculated based on the total amount of investment projects, with incentives for fund managers to enhance returns beyond the minimum capital return rate [1][2] Group 3 - There is a distinction between investing in startups and established companies, with the government aiming to facilitate investment without mandating specific allocation ratios [2] - Concerns were expressed about the potential concentration of funds in leading enterprises, which could undermine support for startups and deviate from the fund's original intent [2] - The terms for terminating cooperation with fund managers will be outlined in contracts, allowing for flexibility in response to market changes [2]