Six venture capital funds invest RMB 1 billion to support CityU HK Tech 300 start-ups; 14 start-ups awarded in 1st HK Tech 300 National Start-up Competition

City University of Hong Kong (CityU) signed Memoranda of Understanding (MoUs) with six venture capital and investment funds from the mainland today (14 July 2023), providing around RMB 1 billion in investment to promising HK Tech 300 start-ups.  
 
The MoUs mark another milestone in the development of HK Tech 300, a large-scale flagship innovation and entrepreneurship programme launched by CityU in March 2021 to foster the start-up ecosystem. 

At the same event, CityU held the Awards Ceremony for the first HK Tech 300 National Start-up Competition (National Competition). Fourteen start-ups from Hong Kong and the Mainland were awarded.  

Today’s ceremony was officiated by Dr Wang Weiming, Director-General of the Department of Educational, Scientific and Technological Affairs, Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (HKSAR), Ms Lilian Cheong Man-lei, JP, Under Secretary for Innovation, Technology and Industry, HKSAR Government, Mr Lester Garson Huang, SBS, JP, CityU’s Council Chairman, and Professor Freddy Boey Yin Chiang, CityU President.

Six venture capital funds that signed the MOUs with CityU are Lenovo Capital and Incubator Group (LCIG), China Prosperity (Shenzhen) Capital Management Co., Ltd., Shenzhen Qianhai Ever State Equity Investment Co., Ltd., Shenzhen TopoScend Capital Co., Ltd., Shenzhen Institutes of Advanced Industry Private Equity Fund Management Co., Ltd., and WH Venture Capital (Zhuhai Hengqin) Co., Ltd.

The co-investment partners will provide a total of RMB1 billion to support the selected start-ups, which are incubated under HK Tech 300 in Hong Kong, the mainland and the region, helping them to transform their innovative ideas into impactful solutions.

“We were thrilled to see the enthusiastic response from the participants. The National Competition successfully brought together tech talent from the mainland and Hong Kong. To empower innovation, we are pleased to collaborate with our co-investment partners from both sides, as funding support is crucial for young generations on their start-up journey. The collaboration will foster a strong impetus for innovation and technology (I&T) development in Hong Kong and beyond,” Mr Huang said in his welcome remarks.

Ms Cheong said the HKSAR Government was committed to establishing a vibrant I&T ecosystem, integrating the Government, industry, academic and research sectors to promote interactive development of the upstream, midstream and downstream sectors, and create a more dynamic start-up landscape for young people in Hong Kong. 

“We will provide funding of up to HK$100 million on a matching basis under the Research, Academic and Industry Sectors One-plus Scheme [RAISe+ Scheme] for each research team that has the potential to grow into a successful enterprise,” she said, thanking CityU for its trailblazing efforts in promoting innopreneurship and nurturing future innovators in alignment with Government’s overarching objectives for boosting youth development, growing tech start-ups and boosting I&T cooperation between the mainland and Hong Kong. 

Mr Zhao Zhongliang, Director of Human Resources and Social Security Bureau, Shenzhen Municipality (SZHRSS Bureau), joining as a distinguished guest, said a new “golden age” had arrived for Hong Kong and mainland collaboration, adding that SZHRSS Bureau would continue to deepen cooperation and promote innovation and entrepreneurship development for young people.

Ms Liang Ying, Managing Director of Lenovo Capital and Incubator Group (LCIG), said, as Lenovo’s global technology industry fund, LCIG is focused on investment in, and incubation of, start-ups by leveraging the company’s global resources. “We believe that the partnership with CityU, combining the University’s outstanding research achievements and the momentum generated by HK Tech 300’s start-ups, will further promote the commercialisation of cutting-edge technologies,” she said.

In his vote of thanks, President Boey said the National Competition aimed to synergise the strengths and resources of Hong Kong and the mainland, extend our research achievements into applications on both sides and promote a more robust innopreneurship ecosystem in Hong Kong and beyond. 

“We look forward to continuing the cooperation in different disciplines, sectors, industries and cities, including actively participating in the RAISe+ Scheme. The co-investment of approximately RMB 1 billion provided by the six venture capital funds will further assist start-ups in taking their tech solutions worldwide, contributing to society through I&T,” he said. 

HK Tech 300 provides growth opportunities for young people and translates CityU research into practical applications, fostering I&T development in Hong Kong. CityU organised its first National Competition in June 2022 and attracted the participation of nearly 300 start-ups from Hong Kong and seven cities in the mainland – Beijing, Chengdu, Changsha, Qingdao, Shanghai, Suzhou and Shenzhen.

The panel, consisting of professionals, academics, investors and representatives from the commercial sector in Hong Kong and the mainland, recognised the high quality of the participating teams’ projects. The National Competition also promoted more applications of CityU research achievements and intellectual property in the mainland and encouraged exchange and collaboration in I&T development. 

The second competition, officially launched at the event, will expand to nine cities on the mainland, including Chongqing and Wuxi. The launch ceremony was officiated by honourable guests, government representatives and partners from the nine cities. The winning start-ups will each be awarded HK$1 million in angel fund investment plus comprehensive incubation and start-up entrepreneurial support.

Introduction for the awarded start-ups: https://bit.ly/43not66

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