Chen Maobo: Hong Kong is actively building a vibrant "patient capital" ecosystem.

On September 20th, Hong Kong Financial Secretary Paul Chan Mo-po stated during the 27th "Beijing-Hong Kong Economic Cooperation Seminar and Hong Kong Investment Promotion Conference" that strengthening financial cooperation to better support the development of innovation and technology is crucial. Hong Kong is actively building a thriving ecosystem of "patient capital." The Hong Kong Investment Management Company, established at the end of 2022, is positioned as "patient capital" and has been investing in enterprises and projects of strategic significance to Hong Kong, including hard technology, biotechnology, artificial intelligence, and new energy, with the aim of leveraging capital to attract more long-term private market investments to accelerate the development of its ecosystem. As an international financial center, Hong Kong has a full spectrum of capital markets, including banks, private equity funds, venture capital funds, international and deep and wide stock and bond markets, which can provide strong financial support to technology enterprises. The links between Hong Kong and the mainland in stocks, bonds, exchange-traded funds, and even derivatives markets allow mainland enterprises to access international and mainland funds through Hong Kong. It was reported that Hong Kong's new stock market faced some challenges this year, but with solid support from the country, new stock fundraising has exceeded $6.5 billion, ranking fourth globally. With leading mainland enterprises listing in Hong Kong with support from the China Securities Regulatory Commission and Europe and the US entering a period of interest rate reduction, it is expected that Hong Kong's new stock market will pick up in the remaining time of the year. As for subsequent market financing, the performance has been outstanding, with over $20 billion raised by early September. At the same time, Paul Chan Mo-po emphasized the need to enhance cooperation in technological innovation and digital economy. Beijing is playing a leading role in technological innovation, advancing the construction of the "Three Cities and One District" at a high level, accelerating the establishment of an international technology innovation center and showcasing highlights in artificial intelligence, innovative drugs and medical devices, and new energy vehicle manufacturing. There is great potential for cooperation between Beijing and Hong Kong in technological innovation, and the development of new productive forces.