Hong Kong Investment Corporation Limited Publishes Annual Report 2025 (July 2026)
(Hong Kong, 16th July) The Hong Kong Investment Corporation Limited (“HKIC”) released its 2025 Annual Report (the “Report”) today, reviewing the progress made over the past year in terms of investment positioning, industrial synergy and ecosystem building.
As the patient capital investment flagship established and wholly owned by the HKSAR Government, the HKIC is rooted in Hong Kong and aligned with the national development plan. By integrating national strategies on scientific and technological innovation, and Hong Kong’s advantages as an international financial centre with global innovation resources, the HKIC is committed to leveraging the catalytic and guiding value of long-term capital. The HKIC’s investment aims to pursue reasonable financial returns, as well as alignment with national strategic needs and enhancement of Hong Kong’s long-term competitiveness. Capital is deployed to support the long-term development of Hong Kong’s industries and contribute to our country’s high-quality development.
The Report covers the HKIC’s investment overview over the past year and highlights the further expansion of the relevant business activities since the beginning of this year. As of the end of June 2026, the HKIC has cumulatively invested in over 200 projects covering three key strategic sectors, namely Hard and Core Technology, Biotechnology and Health Technology, and New Energy and Green Technology, as well as their relevant applications. These investments relate to national strategic emerging industries, connecting resources across innovation, industry and capital. 10 portfolio companies have already listed in Hong Kong, and more than 30 portfolio companies have applied or are preparing to apply this year for listing in Hong Kong. As of the end of 2025, the net internal rate of return i.e. IRR of the HKIC’s investment portfolio has reached 14%. The HKIC has also achieved a capital multiplier ratio of 1 to >8, under which every Hong Kong dollar invested by the HKIC has attracted over 8 Hong Kong dollars of long-term market capital for investment, including those from various international investors such as overseas sovereign wealth funds and pension plans. This diverse capital network helps portfolio companies connect with long-term market capital, industry partners, application scenarios and growth opportunities, having regard to their respective development needs and financing stages.
Ms Clara Chan, Chief Executive Officer of the HKIC, said, “The HKIC’s investment approach and implementation are gradually progressing from capital investment towards a new stage of industrial empowerment, ecosystem building and strategic guidance. In 2025, the HKIC recorded a total investment income of over HK$6.4 billion, which represented a year-on-year increase of approximately 175% and reflected the steady growth of our portfolio companies. As the initial deployment gradually matures and the synergies among strategic sectors and their relevant applications continue to deepen, the HKIC’s investment strategy has evolved from pursuing single-project investments to upgrading ecosystems in a systematic manner, with a development paradigm from ‘points’ to ‘lines’ and then to ‘planes’. Individual investment projects are united to form industry chains, further promoting the integration of innovation, industry, capital and talent flows, and creating economic and social value that far exceeds the sum of its parts. This builds a virtuous cycle wherein capital empowers technology, technology drives industry, and industry fuels growth, collectively accelerating the development of Hong Kong’s future industries.
This year marks the opening year of the National 15th Five-Year Plan and presents a critical opportunity window for cultivating new quality productive forces, building a modernised industrial system and pursuing high-level scientific and technological self-reliance and self-strengthening. As the patient capital investment flagship representing the HKSAR Government, the HKIC will continue to serve as an important platform connecting national strategies, global capital, frontier technology and industrial implementation, integrating into the National 15th Five-Year Plan with the requisite depth, and guiding market forces and professional management with greater precision. This will foster the further integration of technological, industrial and financial innovation and transform them into stronger growth momentum, on the basis of the overriding principles of development and security, and by bringing together national needs, Hong Kong’s strengths and enterprise capabilities. This will also provide greater impetus for the development of Hong Kong’s future industries, and continuously strengthen Hong Kong’s combined advantages in supporting national strategies and participating in global technological innovation competition.
The HKIC is capturing first-mover advantages through forward-looking investment positioning, cultivating future industries, nurturing emerging sectors, and promoting the upgrading and transformation of traditional industries for Hong Kong. China is currently accelerating its development as a technological powerhouse, having already established one of the world’s most vibrant technological innovation hubs and most comprehensive industrial ecosystems. Building upon this solid foundation, the HKIC will fully capitalise on Hong Kong’s dual positioning and advantages as an international financial hub as well as an innovation and technology hub, with a view to enhancing Hong Kong’s core competitiveness amidst the new wave of global technological transformation in a sustained manner.
Looking ahead, the HKIC will continue to proactively expand its strategic footprint into areas including brain-computer interface, commercial aerospace and digital and financial infrastructure, staying close to the global innovation frontier. Drawing upon our country’s comprehensive industrial ecosystem, vast domestic market demand, and rising technological innovation capabilities, the HKIC is committed to utilising Hong Kong’s unique advantage of being deeply integrated with Chinese Mainland while closely connected with the rest of the world, with a view to bridging global innovation resources, international long-term market capital and high-quality technology and innovation industries from Chinese Mainland, and encouraging more high-quality enterprises to use Hong Kong as an integrated platform for technology research and development, commercialisation, financing and fundraising, public listings, as well as international market expansion. This will continuously transform investment outcomes into new momentum for local industrial upgrading and high-quality economic development, enabling the active participation in and contribution to our country’s historic journey of leading the global technological revolution and building a financial and technological powerhouse.”
The Report also shares that, in alignment with the national strategy of RMB internationalisation, the HKIC is taking forward the establishment of an offshore RMB venture capital fund to support Chinese technology’s expansion to global markets. Furthermore, the HKIC is engaging deeply with core strategic anchor points such as the Northern Metropolis to promote synergies between industrial and spatial planning. These initiatives reinforce the HKIC’s role as a ‘patient capital investment flagship’, with continued extension of reach from Hong Kong across the Greater Bay Area, Belt and Road jurisdictions, and global network of long-term market capital.
The full Report has been uploaded to the website of the HKIC.
- END -
About HKIC
The HKIC was established in 2022 as the patient capital investment flagship 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, Biotechnology and Health Technology, and New Energy and Green Technology, as well as the relevant applications. Currently, the HKIC has invested in over 200 projects. Every Hong Kong dollar invested by the HKIC has attracted over 8 Hong Kong dollars from long-term market capital for investment.