HK$10 billion earmarked to help Hong Kong’s hi-tech sector catch up
Wednesday, February 22, 2017
(SMCP by Viola Zhou) - Last year the former financial secretary, John Tsang Chun-wah, unveiled an HK$18 billion package to develop the IT sector by investing in start-ups, expanding co-working space and supporting research projects at universities.
Some of that money will be injected into the industry this year.
The HK$2 billion Innovation and Technology Venture Fund, announced by Chief Executive Leung Chun-ying in his policy address last year, will be launched in the coming months to co-invest with private venture capital funds in technology start-ups, according to government officials.
The fund will focus on early round investments with the government committing half of the amount a venture capital puts in each start-up firm.
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