HONG KONG, Sept. 18 (Xinhua) -- China's Hong Kong Special Administrative Region (SAR) has launched an Innovation and Technology Venture Fund (ITVF) of 2 billion Hong Kong dollars (256 million U.S. dollars) to encourage venture capital funds' investment in local innovation and technology start-ups.
The fund is open for application from venture capital funds until Jan. 15, 2018 and a briefing session will be held on Oct. 3, according to the Innovation and Technology Commission of the Hong Kong SAR government on Friday.
Hong Kong's Secretary for Innovation and Technology Nicholas Yang said the ITVF will help fill the funding gap for local technology start-ups, adding that "we are confident that having this new fund will be conducive to developing a more vibrant Hong Kong innovation and technology ecosystem."
Venture capital funds, whether incorporated in Hong Kong or overseas, are welcome to apply to become co-investment partners of the ITVF.
The selection of venture capital funds will be based on a number of criteria as well as the advice of an independent advisory committee, which comprises veterans from the business and investment sectors, professionals and academics.