Speech by the Chief Executive Officer at Gobi Partners x HKU Fund Launch Ceremony (24 March 2026)

Prof. Ma, Jason, Thomas, Chibo, Distinguished Guests, Ladies and Gentlemen,

Good morning.  It is my great pleasure to be here today. This ceremony is very meaningful because it is announcing not only the official launch of the Gobi-HKU Fund, but more importantly, the good progress that has already been made by this tripartite partnership among The University of Hong Kong (“HKU”), Gobi and the Hong Kong Investment Corporation Limited (“HKIC”)!  As we speak here, two investments have already been made, and I know due diligence and discussion are in process for other prospective opportunities.  This is thanks to the efforts of all parties involved from Gobi, HKU and colleagues at the HKIC. 

In this tripartite partnership, the HKIC is the youngest partner.  Established at the end of 2022 as the flagship investment arm of the HKSAR Government, we have invested in over 200 companies across high-growth, high-impact themes such as Hard & Core Technology, Biotechnology, and New Energy & Green Technology, as well as their applications.  10 of these companies are already listed in Hong Kong.  More than 20 other companies have either filed or plan to file in 2026 for listing in Hong Kong.  2024 was the first year of the HKIC’s full operation, and investment income was already recorded.  As of today, we have recorded double-digit IRR at the portfolio level. 

The HKIC’s objective is to invest for the future of Hong Kong.  We are very selective in picking our partners because we have a dual mandate.  From a financial return perspective, we adopt an underwriting standard and execution model on par with international, institutional investors.  This is important because our reputation and track record have to be there to enable us to channel our peer investors’ capital into our investee companies and partners, and into Hong Kong. We are making good progress on this front.  For example, every Hong Kong dollar invested by the HKIC has attracted over 8 dollars of long-term capital in the market. We also require our investee companies and partners to contribute to the economic and social development of Hong Kong.  

We are casting our net as wide as possible to create the best value for Hong Kong.  We love ideas, teams and projects which are disruptors and enablers – disruptors which shake up the status quo for the better, and enablers which not only achieve success themselves but also lift up others. At this stage of our development, we are very focused on speed, scale and synergy, which are the core elements for maximising impact.  And the Gobi-HKU Fund is a good example of our belief and approach. 

Speed - The HKIC has been focusing on direct and co-investment with good progress.  To further accelerate our speed of bringing impact and ecosystem effect, we are proactive in forming partnerships.  The Gobi-HKU Fund is one of such partnerships, bringing together capable and trusted stakeholders, namely Gobi which is a reputable investment manager in identifying and grooming young teams and innovative ideas not only in Hong Kong but also with Belt & Road angles, HKU which is a world-class institution with a rich pipeline of possible scientific breakthroughs, and the HKIC which is the flagship investment arm of the HKSAR Government.  The fact that the partnership has already made two investments on the launch day is a strong testament to what we mean by speed.

Scale - This tripartite partnership is expected to invest in at least 10 projects originating from HKU and selected collaboratively by the three parties. For investing in start-ups, we always start small. With the optimal model established, we could always top up and scale our commitment at the appropriate juncture.  

Synergy - This partnership is a bridge connecting groundbreaking research outcomes with long-term capital and commercial viability.  The two investments which have been made are – AilsynBio which focuses on AI drug discovery, and Manifold Tech which specialises in high-tech 3D scanning and modelling, robotics and algorithms.  These are cross-disciplinary start-ups whose vision and technologies are expected to transcend cycles.  We will later hear presentations on their stories and latest developments. 

Looking ahead, I am sure there will be many more interesting and successful stories to share under this partnership.  Once again, let me thank our partners HKU and Gobi for making this partnership possible.  In addition to the financial return and strategic value to Hong Kong that this partnership could bring, we hope each of these stories could also inspire our future generations of students, researchers and professors in their pursuit of entrepreneurship that the HKIC is always by their side on this challenging but meaningful journey!  Thank you.