Key Takeaways
- • Acting Secretary for Innovation, Technology and Industry Lillian Cheong told the Cyberport Venture & Capital Forum 2026 (November 4) that the government is expanding public capital to crowd in private investment into Hong Kong start-ups.
- • The enhanced Innovation and Technology Venture Fund (ITVF) receives an additional HK$1 billion, lifting its provision to up to HK$2.5 billion, with at least HK$7.5 billion in market capital expected to be raised.
- • The HK$10 billion Innovation and Technology Industry-Oriented Fund (ITIF) is expected to reach at least HK$40 billion in total fund size including market contributions, with 20 GPs shortlisted and the government acting as a key LP.
- • Hong Kong reported over 5,200 start-ups in 2025, up 11 per cent year on year, with Hong Kong Science Park and Cyberport together nurturing around 20 unicorns.
- • Cyberport's community now includes over 2,400 companies, and the Cyberport Investors Network marked its ninth anniversary.
Summary
Acting Secretary for Innovation, Technology and Industry Lillian Cheong addressed the Cyberport Venture & Capital Forum 2026 on November 4, under the theme "Scaling in a Changing World: Winning the Next Competitive Cycle." She argued that AI adoption alone does not guarantee business success; enterprises must integrate AI effectively to meet customer needs, improve productivity and strengthen long-term competitiveness. The forum was framed around bringing innovators and investors together, with discussions covering the Greater Bay Area, the Middle East, ASEAN and Central Asia.
On financing, Cheong said the government is strengthening public investment to mobilise private capital. The additional HK$1 billion raises the government's provision for the enhanced ITVF scheme to up to HK$2.5 billion, with at least HK$7.5 billion in market capital expected. Nine GPs were selected in principle in April as the first batch of fund managers, and the first investment commitment under the enhanced scheme has since been made. The ITVF focuses on early-stage rounds such as A and B, with GPs targeting strategic sectors including AI and data science.
A separate HK$10 billion ITIF is expected to reach at least HK$40 billion in total fund size including market contributions. Twenty GPs have been shortlisted and are raising capital to form sub-funds, with the government as a key limited partner. The ITIF will focus on five thematic areas, including AI and robotics, and life and health technology, and future and sustainable development.
Cheong also cited the 2026 Policy Address measures, including an enhanced Digital Transformation Support Pilot Programme offering matching subsidies to help SMEs adopt AI and cybersecurity solutions. She noted Hong Kong's start-up base of over 5,200 companies in 2025 and a community of more than 2,400 companies at Cyberport, and thanked investors for contributions beyond financing, including industry knowledge and business networks.
On financing, Cheong said the government is strengthening public investment to mobilise private capital. The additional HK$1 billion raises the government's provision for the enhanced ITVF scheme to up to HK$2.5 billion, with at least HK$7.5 billion in market capital expected. Nine GPs were selected in principle in April as the first batch of fund managers, and the first investment commitment under the enhanced scheme has since been made. The ITVF focuses on early-stage rounds such as A and B, with GPs targeting strategic sectors including AI and data science.
A separate HK$10 billion ITIF is expected to reach at least HK$40 billion in total fund size including market contributions. Twenty GPs have been shortlisted and are raising capital to form sub-funds, with the government as a key limited partner. The ITIF will focus on five thematic areas, including AI and robotics, and life and health technology, and future and sustainable development.
Cheong also cited the 2026 Policy Address measures, including an enhanced Digital Transformation Support Pilot Programme offering matching subsidies to help SMEs adopt AI and cybersecurity solutions. She noted Hong Kong's start-up base of over 5,200 companies in 2025 and a community of more than 2,400 companies at Cyberport, and thanked investors for contributions beyond financing, including industry knowledge and business networks.
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