Hong Kong Investment Corporation (HKIC)

香港投資管理有限公司 · Hong Kong SAR, China · Asia · Founded 2022 · Strategic development fund · Not an IFSWF member

Report a correction

Focus

HKIC: what it invests in

TechnologyHealthcare and life sciencesRenewables and climateIndustrials and manufacturingFinancial services

Venture capitalPrivate equityPrivate credit

Geography Domestic and global

Scale

HKIC: how big it is, and on what basis

HK$62B

Committed or authorised capital

In US dollars: about USD 7.96B. Initial capital for deployment at HK$7.7842 per USD (31 December 2025); not a net asset value

Transparency

HKIC: what it publishes

6.0 of 10 Band 3 of 5

Published 3 · Partly 6 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Initial capitalS4: HK$62B (about USD 8.0B)
Projects, June 2026S1: 200+; As of 2026-07-16
Net IRR, end 2025S1: 14%; As of 2026-07-16
Investment income 2025S1: HK$6.4B (up about 175%); As of 2026-07-16
Capital multiplierS1: HK$1 to HK$8+ (outside capital per HK$1); As of 2026-07-16
Listed in Hong KongS6: 11 companies (October 2026); As of 2026-10-02

At a glance. The Hong Kong Investment Corporation (HKIC) is the Government's patient capital investor, set up in 2022 with HK$62 billion to deploy. It backs hard and core technology, biotech and green technology companies that commit to building in Hong Kong. By June 2026 it had invested in over 200 projects, reported a 14 percent net IRR at end 2025 and drew over HK$8 of outside capital for each HK$1. S4 S1

Key points

HK$62 billion of initial capital across four pools: Hong Kong Growth Portfolio, GBA Investment Fund, Strategic Tech Fund and Co-Investment Fund. S4
Over 200 projects by June 2026, up from about 100 in March 2025 and over 130 in September 2025. S1 S2 S7
Net IRR of 14 percent at end 2025; investment income over HK$6.4 billion in 2025, up about 175 percent. S1
Capital split in April 2025: hard and core tech 56 percent, biotech and health tech 16, new energy and green tech 11. S2
11 portfolio companies listed in Hong Kong by October 2026; over 30 applied or preparing to apply. S6 S1
Investees must open offices and R&D in Hong Kong and favour a Hong Kong listing. S2
An offshore RMB venture capital fund is being set up to back Chinese tech going global. S1

Interesting facts

Each project averaged two to three investing institutions alongside HKIC in early 2025. S2
Insilico Medicine is co-launching an AI drug discovery incubator giving HKIC first look at its projects. S7
HKIC ran with 53 staff positions across four departments in April 2025. S2

Mandate and goals

A dual mission: a reasonable medium to long-term financial return from fiscal reserves, and using that capital to build Hong Kong's innovation ecosystem and industry chains under an "Investment +" approach. S5 S1

Earn reasonable returns over the medium to long term. S4
Draw companies and long-term capital to Hong Kong. S2 S1
Back platform projects that lift the wider ecosystem. S4

How it invests

Industries	Technology, Healthcare and life sciences, Renewables and climate, Industrials and manufacturing, Financial services S2 S1
Asset classes	Venture capital, Private equity, Private credit S2
Stages	Venture, Growth S2 S7
Geography	Domestic and global. Companies rooted in or moving to Hong Kong, many from the mainland and expanding overseas S1
Direct / through funds / co-invest	Yes / Yes / Yes S2
Ticket size	Deal sizes are not disclosed. S2
External managers	Some capital via funds and co-investment partners; external experts for due diligence S2
Co-investment programme	Co-Investment Fund; overseas sovereign funds and pension plans co-invest alongside HKIC S1

Published criteria

Companies commit to Hong Kong offices, R&D or corporate venture units, and a preference for a Hong Kong listing. S2
Priority to platform projects that benefit other ecosystem partners. S4
Underwriting on a par with professional institutional investors. S7

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	Insilico Medicine. AI drug discovery; investment plus strategic partnership and the Longevity Frontier Space incubator. S7 S8	Direct investment	Healthcare and life sciences	Growth	Not disclosed
2024	Galbot. Embodied AI robots; HKIC-led embodied AI talent centre with Hong Kong universities. S5 S9	Direct investment	Technology	Venture	Not disclosed
Not published	EcoCeres. Hong Kong sustainable aviation fuel developer; third plant planned in Dongguan. S9 S8	Direct investment	Renewables and climate	Growth	Not disclosed
Not published	Moonshot. AI large language models. S8	Direct investment	Technology	Venture	Not disclosed
Not published	Agibot. Humanoid and embodied AI robotics. S9	Direct investment	Technology	Venture	Not disclosed
Not published	SmartMore. Industrial AI and machine vision. S9	Direct investment	Technology	Venture	Not disclosed
Not published	Emaldo. AI home battery storage and energy management. S8	Direct investment	Renewables and climate	Venture	Not disclosed

Case studies

Insilico Medicine: Investment + S7

What: Invested in the AI drug discovery company and agreed a strategic partnership tied to Hong Kong commitments.
When: 2025
Size: Not published
Why: Anchor a biotech platform in Hong Kong that can seed more companies.
Outcome: Insilico is setting up an AI drug discovery incubator in Hong Kong with first-look rights for HKIC.

Galbot and embodied AI S5

What: Backed the robotics company and led an ecosystem plan for its Hong Kong base.
When: 2024
Size: Not published
Why: Make Hong Kong a hub for embodied AI research and talent.
Outcome: An International Embodied AI Talent Exchange Center with Hong Kong universities.

Investment process

All investments are approved by the Board or its investment committee. The Board, chaired by the Financial Secretary, includes policy bureau officials and non-official industry leaders. S2 S6

Committee	Role
Board of Directors	Chaired by the Financial Secretary; sets strategy and approves investments S2
Investment Committee	Approves investments under delegation S2

Theme-led sourcing across hard tech, biotech and green tech. S2
Due diligence with outside experts. S2
Deal structure, Hong Kong commitments and exit terms set per project. S2
Board or investment committee approval. S2
Post-deal support with partners, scenarios and capital. S1

How to approach: HKIC lists a contact page on its website; no open application programme is published. S4

Size and returns

Headline size: HK$62B (Committed or authorised capital) S4
In US dollars: about USD 7.96B. Initial capital for deployment at HK$7.7842 per USD (31 December 2025); not a net asset value
Investment income 2025: HK$6.4B (Published estimate, as of 2026-07-16) S1
Return, since inception to end 2025: 14.0 percent a year (net IRR of the investment portfolio) S1

Leadership

Name	Title	Since
Clara Chan	Chief Executive Officer S6	2023-10
Paul Chan Mo-po	Financial Secretary; Chairman of the Board S6	Not published

Governance and transparency

Legal basis: Company wholly owned by the Hong Kong SAR Government, announced in the 2022 Policy Address S4 S1
Oversight: Board chaired by the Financial Secretary; briefings to the Legislative Council S2 S9
First annual report, for 2025, released in July 2026. S1
CEO reappointed for three years from 9 October 2026. S6

Transparency score: 6.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, named leadership, regular reporting schedule. S1 S4 S6
Partly published: annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents. S1 S2 S8
Not published: audited financial statements. S1

History

Date	Event
2022	Policy Address announces HKIC. S1
2023-10	Clara Chan appointed first CEO. S6
2024-07	Galbot ecosystem plan launched. S5
2025-03	About 100 projects. S2
2025-09	Over 130 projects; Insilico partnership. S7
2026-07-16	First annual report; over 200 projects. S1
2026-10-09	CEO starts second three-year term. S6

For family offices

HKIC co-invests with other institutions and reports over HK$8 of outside capital per HK$1, but has no published family office programme. S1 S2

Co-investment alongside sovereign funds, pension plans and other long-term investors. S1
Introductions to industry partners and application scenarios for portfolio companies. S1

Reports

HKIC Annual Report 2025: https://www.hkic.org.hk/latest-updates/annual_report_2025 S1
LegCo Panel on Financial Affairs briefing, June 2026: https://www.legco.gov.hk/yr2026/english/panels/fa/papers/fa20260601cb1-530-4-ce.pdf S9

Common questions

How large is HKIC?

HK$62 billion of initial capital for deployment. S4

How has it performed?

Net IRR of 14 percent at end 2025 and over HK$6.4 billion of investment income in 2025. S1

What does it require of investees?

A real Hong Kong presence, such as offices and R&D, and a preference for listing in Hong Kong. S2

Who runs it?

CEO Clara Chan; the Financial Secretary chairs the Board. S6

National Development Fund (Taiwan) Taiwan · NT$2,098.5B
Baiterek National Investment Holding Kazakhstan · KZT 19,047.6B
Japan Investment Corporation (JIC) Japan · JPY 2.60T
CNIC Corporation Limited Hong Kong SAR, China · USD 11.1B capital
China-Africa Development Fund (CADFund) China · USD 10B fund scale
Indonesia Investment Authority Indonesia · Rp111.0tn

All sovereign wealth funds in Asia · All strategic development funds · All funds in Hong Kong SAR, China

Sources

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.