This came as the Hong Kong Investment Corporation (HKIC) hosted its inaugural “International Forum for Patient Capital (IPC)” to attract global funds to invest in the city.
Speaking to reporters after the event, HKIC’s chief executive, Clara Chan, said that of the 100 projects in the body’s portfolio, about five to 10 have expressed an interest in or have already filed an application to list in the city this year.
She said that the speed of such progress has been impressive and came much faster than anticipated, adding that the firms are also rapidly growing and seek overseas market potential.
The firms with initial public offering plans are “Hong Kong representatives” and HKIC will assist them during the process while attracting more firms to set up shop here, Chan added.
“For every HK$1 invested by HKIC, it can now generate over HK$4 in the long-term follow-up investment funds, which is a further improvement compared to the past,” she said.
Separately, Chan said that the IPC has brought together some 400 representatives from 80 global patient capital institutions, or organisations focusing on long-term growth, with total asset management amounting to over US$20 trillion.
“They are very diverse because patient capital institutions cover a wide range of different entities, for example, civil funds, pension plans, family officers and university endowments.
“A lot of them are really action-oriented, and they’re very low profile, noting the various geopolitical considerations, but at the same time, they really want to capture the growth trends in this part of the world”.
Chan said the participants cover developed markets such as the US, Europe, Australia, Japan, and also a number of Global South markets, including the Middle East and Southeast Asia.
Many of the institutions are interested in investment opportunities in innovation and technological development on the mainland and Hong Kong, such as artificial intelligence and robotics, which aligns with HKIC’s investment portfolio, said Chan.
