HKIC

Hong Kong Investment Corporation Limited announces operational details and issues invitation for proposals regarding asset managers of the 2025 Capital Batch of the Investment Portfolio under the New Capital Investment Entrant Scheme (October 2025)

(Hong Kong, 31 October) The Hong Kong Investment Corporation Limited (“HKIC”) today announces the operational details and issues an invitation for proposals (“IFP”) regarding asset managers for the 2025 batch of capital (“2025 Capital Batch”) of the Investment Portfolio (“CIES IP”) under the New Capital Investment Entrant Scheme (“New CIES”). 

According to the requirement of the Government of the Hong Kong Special Administrative Region, 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.

To recap, four asset managers, namely Betatron Venture Group, Inno Angel Fund, MindWorks Capital and Radiant Tech Ventures Limited, were selected and appointed after the relevant IFP process for the first batch of capital of the CIES IP (“2024 Capital Batch”), which included the capital of the New CIES applications received by 31 December 2024 and approved by the relevant authorities during the relevant period.  Investment of the 2024 Capital Batch has started with good progress, and in alignment with the objectives of the CIES IP to support the long-term development of Hong Kong’s economy, competitiveness and society.  With this basis and in line with the direction of the Chief Executive’s 2025 Policy Address, the HKIC handles the setting up and oversight of the 2025 Capital Batch.   With the ongoing progress of case approvals and gradual availability of capital, the 2025 Capital Batch is expected to start investment in the first quarter of 2026.

In line with its function to support the long-term development of Hong Kong’s economy, competitiveness and society, the CIES IP will continue to join hands with multi-disciplinary stakeholders.  On the basis of the direction of the Chief Executive’s 2025 Policy Address, the CIES IP will place emphasis on nurturing home-grown or Hong Kong-based asset managers with commercial and strategic potential.  

 

The operational arrangements for the 2025 Capital Batch are as follows: 

  1. Capital Allocation: The 2025 Capital Batch includes the capital of the New CIES applications received by 31 December 2025 and approved by the relevant authorities during the relevant period.  Total size of the 2025 Capital Batch will be at least HK$2 billion. Investment of the 2025 Capital Batch is expected to start in the first quarter of 2026. 

  2. Investment Mechanism: The HKIC will select eight to ten asset managers to invest the 2025 Capital Batch. Priority will be given to qualified asset managers meeting the following criteria:
    - Based in Hong Kong, with clear and concrete business expansion plan which demonstrates its long-term commitment to Hong Kong;
    - Having (i) the management and decision-making personnel, including but not limited to the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer (or personnel in equivalent positions); and (ii) more than half of its employees, residing and based in Hong Kong;
    - The asset manager entity and all relevant members of its investment team holding licences from the Securities and Futures Commission for Type 9 regulated activity (asset management);
    - Established for at least 2 years;
    - Asset under management of no less than HK$200 million;  
    - With successful experience in raising capital from institutional investors and making investments in the investment area(s) as specified below; and
    - Committed to contributing to the long-term development of Hong Kong’s economy, competitiveness and society, including but not limited to ensuring concrete action plans of the asset managers and/or investee companies to achieve the above objective.

  3. Investment Areas: Interested asset managers must propose at least two new applications or new themes that could bring innovative advancements to Hong Kong’s economy, competitiveness and society. The aforesaid proposals must align with Hong Kong’s advantages, positioning and needs. 

  4. Investment Stage and Type: May cover public market and private equity investments.  For private equity investments, the investments are expected to include companies and teams in their early and growth stages.

  5. Size and Arrangement of Each Fund: No less than HK$200 million, and will be invested within two years from the fund’s establishment.

  6. Lock-up Period: Seven years starting from 1 January 2026.

  7. Investment Progress: Asset managers will compile consolidated reports regarding the progress on a regular basis to keep investors posted about the operation and performance. 

 

Eligible institutions are welcome to submit proposals based on the above parameters. Relevant details can be accessed by this link. Deadline of submission is 14 November 2025.

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About HKIC 

The HKIC was established in 2022 as the Patient Capital institution wholly owned by and representing the HKSAR Government.  It adopts an “Investment +” approach, seeking reasonable financial return in the medium to long term and at the same time creating and supporting growth impetus with a view to contributing to Hong Kong’s economy and society.  

The HKIC currently manages 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 and Green Technology, as well as the relevant applications.  As of end October 2025, the HKIC has invested in over 150 projects. Every Hong Kong dollar invested by the HKIC has attracted over 6 Hong Kong dollars from long-term capital for investment.