The Hong Kong Investment Corporation (HKIC) has tripled the number of deals for local VC firms, leaving employees to work through the holidays. Managed funds of HK$62 billion, investing in over 150 projects, with 71% in hi-tech. HKIC aims to generate returns and boost Hong Kong’s economy. Partnerships with AI unicorn SmartMore and biotech firm BioMap have been pivotal. However, the high cost of living in Hong Kong poses a challenge for attracting talent. Executive search firms also echo concerns about the expensive living costs in Hong Kong, impacting start-up talent relocation. Hong Kong Innovation Circle (HKIC) CEO Chang highlighted the higher remuneration for talent in mainland China and the US due to bigger, more competitive markets. He emphasized the need for local training programs to align with international standards. HKIC facilitated collaboration between BioMap and Soy-Sky Farm Tech Company, boosting the latter’s confidence and government backing. The investment strengthened Hong Kong’s VC market, encouraging more investments in the Greater Bay Area ecosystem. Chang sees HKIC as a key player in attracting talent to Hong Kong’s innovative industries, aiming for significant growth in VC firms with government support. Chang predicts a spring-like growth phase for the sector, focusing on AI, logistics, and longevity as key drivers for future investment.

Read more at 1. Tesla announces record profits in Q3, surpassing expectations and sending stock price soaring. – CNBC

2. Amazon reports a surge in sales during Prime Day, with over $10 billion in revenue. – Reuters

3. Apple unveils new iPhone 13 models with improved cameras and longer battery life. – Wall Street Journal

4. Facebook faces scrutiny over leaked documents revealing negative impact on teen mental health. – CBS MarketWatch

5. Google announces plans to invest $1 billion in renewable energy projects to reduce carbon footprint. – Barchart: HKIC ends year on high note but Hong Kong cost of living a drawback for attracting talent