香港百亿母基金，开始招GP了！

Core Insights - The Hong Kong Innovation and Technology Commission has announced the launch of a HKD 10 billion "Innovation and Technology Industry Guiding Fund," which is now in the public selection phase for fund managers [1] - The fund aims to align with the national "patient capital" development strategy and promote efficient collaboration among government, industry, academia, research, and investment [1][2] - The fund will focus on five key investment themes: life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digital transformation, and future sustainable development [1] Investment Requirements - Each sub-fund under the guiding fund must invest 100% of its capital in companies related to Hong Kong's innovation and technology industry and its industrial chain [2] - At least 50% of the fund's capital must be allocated to local Hong Kong enterprises or non-Hong Kong enterprises planning to operate in Hong Kong [2] - A minimum of 25% of the fund's capital must be used by the investment targets to establish and operate manufacturing bases in Hong Kong during the investment period [2] Background and Context - The establishment of the guiding fund was previously mentioned in the policy address by Hong Kong's Chief Executive on September 17, indicating its launch in the 2026-2027 fiscal year [2] - The fund has attracted significant interest from mainland VC/PE institutions, including state-owned equity investment institutions and early-stage investment firms in the technology sector [2][3] - The Hong Kong Innovation and Technology Commission had previously launched the "Innovation and Technology Venture Fund" optimization plan, which allows for the establishment of joint funds to invest in strategic industries [3] Investment Management and Performance - The Hong Kong Investment Management Company, established in 2022, has reported over HKD 2 billion in investment returns in 2024, benefiting from investments in IPOs and biotech companies [3][4] - The initial investment fund of the Hong Kong Investment Management Company amounts to HKD 62 billion, with less than 20% of the funds deployed as of the end of last year [4] - The company is currently seeking partnerships with sovereign wealth funds, pension funds, and corporations for larger-scale investments [4] Strategic Implications - The guiding fund's establishment is seen as a move to attract more domestic and international resources to Hong Kong's innovation and technology sector, enhancing its role as an international innovation center [4] - The approach to setting up the guiding fund draws inspiration from investment attraction models used in mainland cities, particularly Shenzhen [4]