Key Takeaways
- • City University of Hong Kong signed Memoranda of Understanding with six mainland venture capital funds on 14 July 2023, committing RMB 1 billion (~USD 137 million) to support HK Tech 300 start-ups across Hong Kong, mainland China, and the broader region.
- • Fourteen start-ups from Hong Kong and mainland China were awarded in the inaugural HK Tech 300 National Start-up Competition, each receiving HK$1 million in angel fund investment plus comprehensive incubation and entrepreneurial support.
- • The six co-investment partners—Lenovo Capital and Incubator Group (LCIG), China Prosperity Capital, Shenzhen Qianhai Ever State Equity Investment, Shenzhen TopoScend Capital, Shenzhen Institutes of Advanced Industry Private Equity Fund, and WH Venture Capital (Zhuhai Hengqin)—will deploy capital to commercialize and scale HK Tech 300-incubated ventures.
- • HK Tech 300, launched by CityU in March 2021, has incubated more than 1,000 start-ups to date, with over 220 previously awarded angel funding of up to HK$1 million each, establishing a demonstrated track record in early-stage venture support.
- • The initiative represents a cross-border capital mobilization strategy linking Hong Kong's innovation ecosystem with mainland Chinese venture investors, aimed at accelerating tech start-up scaling across the Greater China region and Southeast Asia.
Summary
City University of Hong Kong marked a significant expansion of its flagship innovation programme on 14 July 2023 by securing RMB 1 billion in committed capital from six mainland-based venture capital and investment funds. The Memoranda of Understanding formalize a co-investment partnership designed to accelerate commercialization of start-ups incubated under the HK Tech 300 platform, which CityU launched in March 2021 to develop Hong Kong's early-stage technology entrepreneurship ecosystem.
The six venture partners executing the MOUs are Lenovo Capital and Incubator Group (LCIG), China Prosperity (Shenzhen) Capital Management, Shenzhen Qianhai Ever State Equity Investment, Shenzhen TopoScend Capital, Shenzhen Institutes of Advanced Industry Private Equity Fund Management, and WH Venture Capital (Zhuhai Hengqin). Their aggregate RMB 1 billion commitment will support selected start-ups incubated across Hong Kong, mainland China, and the broader regional ecosystem, targeting transformation of innovative concepts into commercially viable and scalable solutions.
Concurrent with the MOU signings, CityU held the inaugural awards ceremony for the HK Tech 300 National Start-up Competition, recognizing 14 winning start-ups from Hong Kong and the mainland. Each award-winning venture received HK$1 million in angel fund investment alongside comprehensive incubation services and entrepreneurial support. This competition represents a strategic expansion of HK Tech 300's funding mechanisms beyond its existing seed fund (HK$100,000 per team) and angel investment awards (up to HK$1 million) that have previously supported over 220 start-ups.
Since its March 2021 inception, HK Tech 300 has incubated more than 1,000 start-ups and has expanded geographically, including a Southeast Asia competition launched in Kuala Lumpur in May 2023 that awarded ten start-ups from five regional countries. The RMB 1 billion mainland venture capital commitment signals institutional validation of the programme's pipeline quality and represents a structured capital pathway for scaling HK Tech 300 ventures into Series A and growth-stage funding rounds. The event was officially recognized by Dr Wang Weiming (Director-General, Department of Educational, Scientific and Technological Affairs, HKSAR Liaison Office), Ms Lilian Cheong Man-lei (Under Secretary for Innovation, Technology and Industry, HKSAR Government), and CityU leadership including Council Chairman Lester Garson Huang and President Freddy Boey Yin Chiang.
The six venture partners executing the MOUs are Lenovo Capital and Incubator Group (LCIG), China Prosperity (Shenzhen) Capital Management, Shenzhen Qianhai Ever State Equity Investment, Shenzhen TopoScend Capital, Shenzhen Institutes of Advanced Industry Private Equity Fund Management, and WH Venture Capital (Zhuhai Hengqin). Their aggregate RMB 1 billion commitment will support selected start-ups incubated across Hong Kong, mainland China, and the broader regional ecosystem, targeting transformation of innovative concepts into commercially viable and scalable solutions.
Concurrent with the MOU signings, CityU held the inaugural awards ceremony for the HK Tech 300 National Start-up Competition, recognizing 14 winning start-ups from Hong Kong and the mainland. Each award-winning venture received HK$1 million in angel fund investment alongside comprehensive incubation services and entrepreneurial support. This competition represents a strategic expansion of HK Tech 300's funding mechanisms beyond its existing seed fund (HK$100,000 per team) and angel investment awards (up to HK$1 million) that have previously supported over 220 start-ups.
Since its March 2021 inception, HK Tech 300 has incubated more than 1,000 start-ups and has expanded geographically, including a Southeast Asia competition launched in Kuala Lumpur in May 2023 that awarded ten start-ups from five regional countries. The RMB 1 billion mainland venture capital commitment signals institutional validation of the programme's pipeline quality and represents a structured capital pathway for scaling HK Tech 300 ventures into Series A and growth-stage funding rounds. The event was officially recognized by Dr Wang Weiming (Director-General, Department of Educational, Scientific and Technological Affairs, HKSAR Liaison Office), Ms Lilian Cheong Man-lei (Under Secretary for Innovation, Technology and Industry, HKSAR Government), and CityU leadership including Council Chairman Lester Garson Huang and President Freddy Boey Yin Chiang.
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