New alliances strengthen and expand the investment and financing support platform; and help speed up the growth of tech start-ups
15 Nov 2016
(from left to right):
1. Kevin Mao, Co-founder and CMO, Beijing P.A. Fortune Investment Management Co., Ltd.
2. Steve Lau, Vice Leader, Entrepreneur & Investment Group, Hong Kong Chamber of Commerce in China
3. Fanny Law, GBS, JP, Chairperson, Hong Kong Science and Technology Parks Corporation
4. Samson Tam, JP, Chairman, Hong Kong Business Angel Network
5. Deng Yongqiang, Co-founder, Innovation Angel Funds
6. Andrew Young, Chief Commercial Officer, Hong Kong Science and Technology Parks Corporation
(Hong Kong, 15 November 2016) - Hong Kong Science and Technology Parks Corporation (“HKSTP”) today announced it has forged partnerships with three leading investment organisations in Mainland China that will help further extend the investment support network for technology start-ups. Through the partnerships, a more comprehensive and resource-rich investment and financing platform will be further developed to bring more financing and opportunities to speed up the growth of technology start-up and to connect investors with promising start-up projects.
As a “super-connector” dedicated to driving local innovation and technology development, HKSTP has built a sizable investment network with rich resources over the years. This network helps technology start-ups connect and form partnerships with angel investors, venture capitalists and corporate ventures from Hong Kong, Mainland China and overseas looking for investment opportunities in different technology fields. HKSTP also hosts regular investment matching events and roadshows. All of these help start-ups overcome the initial funding-raising barrier and create more opportunities for them to achieve rapid growth. The new alliances with the three investment organisations will further expand the existing extensive investment network and develop deeper and closer connections for start-ups to gain funding supports.
Mutual project recommendations will speed up resources matching
The three new partners – Hong Kong Chamber of Commerce in China (“HKCCC”), Beijing P.A. Fortune Investment Management Co., Ltd. and Innovation Angel Funds (“Inno Angel”) – will set up bases in Hong Kong Science Park according to the partnership, and will work with HKSTP to arrange exchange opportunities for start-ups to connect with strategic investors and potential business partners. HKSTP and its partners will also recommend outstanding technology start-up projects to each other on an ongoing basis. The three Mainland China partners will set aside HK$50 million for investment, in which priority will be given to projects recommended by HKSTP. The recommended start-ups will receive joint incubation support, one-on-one mentorship, as well as business and investment matching provided jointly by HKSTP and the partners to drive the development of their companies.
Albert Wong, Chief Executive Officer of HKSTP said: “HKSTP is dedicated to driving the development of a greater diversity of innovative and high-tech products and services. Sufficient funding will no doubt help technology start-ups grow into world-leading corporations. It is also a vital element to accelerate the development of the entire innovation and technology ecosystem. Therefore, HKSTP endeavours to connect with established international investor networks and develop an investment and financing support platform that effectively leverages resources from different parties.”
“We have worked closely with Hong Kong Business Angel Network, and we are delighted that we have now added partnerships with three notable Mainland China investment organisations, and have them joining the ecosystem of Hong Kong Science Park. Through tapping our partners’ investment networks and their connected markets for business expansion, we can be assured that investment in technology start-ups will be increasingly active from here on, and more investors in Hong Kong and Mainland China will get to know the many outstanding and promising start-ups within the ecosystem. This will be able to help both investors and start-ups find success sooner.” added Mr Wong.
Partners to leverage own strengths and join hands with HKSTP to groom more successful start-ups
HKCCC, one of the three new partners, has built formidable investment networks in Mainland China over the years through its various reputable investment funds’ founders, has the expressed goal of supporting Hong Kong enterprises to expand their business and financing channels in China. Steve Lau, Vice Leader, Entrepreneur & Investment Group of HKCCC, said: “A lot of Hong Kong’s technology start-ups have high-quality innovative projects with huge potential. We look forward to working with HKSTP in bringing together our powerful investment networks to help investors in Hong Kong and Mainland China identify outstanding technology start-ups and projects in various technology areas. Together we will help more start-ups expand their businesses and markets. The synergistic partnership augurs well for the innovation and technology ecosystems of Hong Kong and Mainland China.”
Inno Angel, operated by an investment management team consisted of partners boasting an average of more than 10 years’ experience in angel investment, is one of the most active angel investment organisations in China currently managing an angel fund of RMB1.6 billion and a seed fund of RMB100 million. Li Zhu, Co-founder of Inno Angel, said: “Inno Angel has very close connections and communication in major entrepreneurial cities in Mainland China. We have invested in more than 150 start-up projects in the past. We believe that this partnership will enable more successful projects with effective and good investment return. As well, the start-ups in Hong Kong and Mainland China will be able to tap into wider funding and professional support, and directly connect with investors from different areas with different attributes in order to cope with their financing needs more effectively.”
Beijing P.A. Fortune Investment Management Co., Ltd partners with government-run industrial parks and industrial funds in various regions of Mainland China including Beijing and Shanghai, to invest in start-up projects related to healthcare, informatised smart cities, the Internet of Things and environmental protection. It also provides high-quality resources matching services. Kevin Mao, Co-founder and CMO of Beijing P.A. Fortune Investment Management Co., Ltd., said: “Technology start-ups are one of our key investment areas. The start-ups incubated by HKSTP have excellent achievements and develop diversified technologies. Our partnership will certainly lead to more active investments in start-up projects in Hong Kong and Mainland China. This will also help start-ups connect with more potential investors and enhance exchanges between both sides on market development and investment trends. This will absolutely benefit the development of the entire innovation and technology ecosystem.”