Hong Kong's Gambit: How New Capital Is Fueling an I&T Renaissance

HONG KONG – December 05, 2025 – In a move signaling a dramatic escalation of its innovation ambitions, Hong Kong is pairing vast new streams of private capital with the market expertise of local venture firms. The latest development sees homegrown venture capital firm Beyond Ventures appointed by the Hong Kong Investment Corporation (HKIC) as a key asset manager for a multi-billion-dollar fund, a strategic maneuver designed to transform the city's burgeoning tech, health, and food sectors.

This appointment is a cornerstone of the New Capital Investment Entrant Scheme (New CIES), an audacious government initiative aimed at attracting global wealth and channeling a significant portion of it directly into the city's innovation and technology (I&T) ecosystem. The partnership between the government-backed HKIC and seasoned investors like Beyond Ventures represents a sophisticated new model of public-private synergy, one intended to solve Hong Kong's long-standing challenge: translating world-class research into market-leading commercial enterprises.

A New Blueprint for Innovation Capital

Launched on March 1, 2024, the New CIES is far more than a simple residency-for-investment program. It mandates that eligible applicants, who must command net assets of at least HK$30 million, invest a minimum of that amount into the city. Crucially, HK$3 million of this investment must be allocated to the CIES Investment Portfolio (CIES IP), a fund managed by the HKIC specifically to support I&T and other strategic industries with a strong “Hong Kong nexus.”

The scheme has already proven to be a powerful magnet for capital. As of early October 2025, the government had received over 2,200 applications, representing a potential influx of nearly HK$70 billion into Hong Kong's economy. The mandatory HK$3 million allocation means the CIES IP is poised to become a formidable engine for local innovation.

For the 2025 capital batch, the HKIC has selected a diverse group of 10 asset managers, including Beyond Ventures, to deploy an estimated HK$3 billion. The roster spans venture capital, private equity, and private credit, with other appointees including names like Primavera Capital and Value Partners. This diversified approach underscores the market's confidence in the strategy and provides a broad spectrum of expertise to nurture companies at different growth stages. The investment themes are clear: AI-enabled applications, sustainable technologies, advanced materials science, and biotechnology—all critical sectors for future economic resilience.

The 'Hong Kong Speed' of Public-Private Partnership

The efficiency with which the HKIC is executing this vision has caught the attention of the market. The entire process for the 2025 batch—from issuing the proposal invitation on October 31 to announcing the 10 selected asset managers on December 2—was completed in a mere 11 working days. This rapid execution, dubbed “Hong Kong speed,” demonstrates a new level of agility from a government-owned institution, operating with the nimbleness of a startup.

"The New CIES represents a bold and innovative policy initiative," remarked Mr. Lap Man, Co-founder & Managing Partner of Beyond Ventures, in a recent announcement. He praised the scheme for setting a benchmark in how capital can amplify market-driven innovation. "It underscores the distinctive strength of Hong Kong's capital markets by seamlessly integrating government guidance with vibrant market dynamics, a hallmark of the HKIC's strategic vision."

This integration is the program's defining feature. By entrusting capital deployment to private firms with proven track records, the government is leveraging their ground-level expertise to pick winners and provide hands-on guidance. It’s a calculated move away from top-down directives and towards a model where public policy objectives are achieved through market-tested mechanisms, ensuring that capital flows to the most promising ventures.

Beyond Ventures: From Local Champion to 'Super Connector'

Beyond Ventures' appointment is particularly symbolic. Co-founded in 2017 with an explicit mission to revitalize Hong Kong's innovation ecosystem, the firm has built a portfolio that reads like a who's who of local success stories, including AI giant SenseTime and several high-potential biotech companies like G-NiiB and Hongene. With four IPOs and two trade sales already under its belt, the firm has demonstrated its ability to shepherd startups from concept to major market success.

Now, armed with capital from the CIES IP, Beyond Ventures plans to amplify its role as a strategic ecosystem builder. The firm’s leadership has emphasized a strategy that goes beyond simple investment, aiming to strengthen Hong Kong’s dual role as a “super connector” and a “super value-adder.” This involves forging deep partnerships with the “chain master” enterprises—established industry leaders, many of whom are also part of the HKIC’s investment ecosystem.

"By forging strategic partnerships with these anchor players, Beyond Ventures aims to strengthen Hong Kong's dual role as a 'super connector' and a 'super value-adder' in the global innovation landscape," Mr. Lap Man added. The goal is to plug local startups into global supply chains, provide them with market access far beyond Hong Kong's limited domestic market, and facilitate technology transfer—effectively solving the commercialization puzzle that has long vexed the city.

Catalyzing a Tech and Health Renaissance

Ultimately, the New CIES and the strategic deployment of its capital are designed to catalyze a full-fledged renaissance in Hong Kong's I&T sector. For decades, the city has been a powerhouse of academic research, with universities consistently ranking among the world's best. However, this scientific prowess has not always translated into local industrial strength, with many innovations commercialized elsewhere.

The current strategy directly confronts this issue. By ensuring a steady flow of patient, long-term capital into sectors like biotech, greentech, and AI, the HKIC and its partner asset managers are creating the fertile ground necessary for deep-tech companies to grow. The focus on biotech and health innovation is particularly crucial, leveraging Hong Kong's advanced medical research centers and its potential to become a leading hub for life sciences in Asia.

This coordinated effort represents Hong Kong’s most ambitious attempt yet to build a self-sustaining innovation engine. It combines the city's traditional strengths—a stable legal system, a world-class financial infrastructure, and global connectivity—with a powerful new injection of capital and strategic private-sector guidance. For business leaders and innovators in the technology, health, and food sectors, the message is clear: Hong Kong is no longer just a financial gateway, but a dedicated foundry for the next generation of deep-tech enterprises.