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Hong Kong launches HK$2 billion fund to support tech start-ups

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The government hopes the new fund will ‘help fill the funding gap for local technology start-ups’. Photo: AP

Hong Kong has launched a HK$2 billion (US$256 million) fund to encourage investment in local innovation and technology start-ups, in an effort to boost new economic activity.

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The government said on Friday it is inviting venture capital funds to apply to become co-investment partners of the new Innovation and Technology Venture Fund (ITVF).

“The ITVF will help fill the funding gap for local technology start-ups. We are confident that having this new fund will be conducive to developing a more vibrant Hong Kong innovation and technology ecosystem,” said Nicholas W Yang, the secretary for innovation and technology.

The Hong Kong government and each venture capital fund will enter in an agreement and invest in eligible start-ups at a ratio of around 1:2.

The selection of funds will be based on a number of criteria as well as the recommendation of an independent advisory committee comprising veterans from the business and investment sectors, professionals and academics.

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The ITVF is open for applications funtil January 15, 2018, according to a statement from the Innovation and Technology Commission (ITC).

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