HSBC sets up US$880 million technology fund to find the next Tencent or DJI in southern China’s Greater Bay Area
Eligible companies will already have received one to two rounds of funding from venture capital or private equity, HSBC said. The US$880 million GBA+ Technology Fund will provide financing to early stage companies in Hong Kong, Macau and mainland China.
As companies are looking to cash in on the potential of uniting the infrastructure and development of the Greater Bay Area, HSBC said on Tuesday that it is creating a US$880 million technology fund to provide financing to early stage companies in the region.
The GBA+ Technology Fund will focus on lending to high-growth companies in mainland China, Macau and Hong Kong in a variety of sectors, including e-commerce, financial technology (fintech), robotics, biotech and health care technology, HSBC said.
“Lending money is not the sole purpose. We want to create a lasting relationship with our customers,” said HSBC’s head of commercial banking in Hong Kong Terence Chiu. “We're not transactional. That's never been our strategy in 154 years.”
The new fund comes as a framework for the Greater Bay Area (GBA) was unveiled in February to better integrate Hong Kong, Macau and nine cities in Guangdong province for future development and economic cooperation.