HKIC 2025 Annual Report Released: Evolving from "Capital Investment" to "Industrial Empowerment," from "Single Projects" to "Ecosystem Upgrades," and from "Based in Hong Kong" to "Connecting the World"
On July 16, 2026, the Hong Kong Investment Corporation Limited (HKIC) officially released its 2025 Annual Report. As a patient capital investment platform established and wholly owned by the Hong Kong SAR Government, HKIC has continuously expanded its business operations and institutional capabilities since its establishment in 2022.
The annual report shows that as of December 31, 2025, the company's total assets reached HKD 69.7 billion, an increase of approximately 9% from HKD 64.0 billion in 2024. For the full year of 2025, total investment income realized was HKD 6.459 billion, a substantial increase of roughly 175% from HKD 2.345 billion in 2024; operating profit was HKD 6.320 billion, surging about 181% from HKD 2.252 billion in 2024. As of the end of 2025, the net internal rate of return (IRR) of the investment portfolio reached 14%.
The annual report indicates that HKIC is progressively transitioning from capital investment to a new stage of industrial empowerment, ecosystem building, and strategic leadership. This shift is reflected across three dimensions: from "Capital Investment" to "Industrial Empowerment," from "Single Projects" to "Ecosystem Upgrades," and from "Based in Hong Kong" to "Connecting the World."
From "Capital Investment" to "Industrial Empowerment": Patient Capital Driving Deep Industrial Development
In 2025, HKIC recorded total investment income exceeding HKD 6.4 billion, an increase of approximately 175% over the previous year, with the investment portfolio's net IRR reaching 14%. These figures validate the steady growth of portfolio companies and the effectiveness of HKIC's investment strategy.
For every HKD 1 invested by HKIC, it has catalyzed over HKD 8 in long-term market capital co-investment, encompassing diverse international institutional investors such as overseas sovereign wealth funds and pension funds. This capital-attracting effect underscores market recognition ofHKIC'sdistinct roles as a "super-connector" and "super value-adder."
HKIC'sempowerment extends beyond the capital level to encompass industrial empowerment and deep supply chain integration. In its concrete practice of industrial empowerment, HKIC actively accelerates the development of its portfolio companies. Taking the RISC-V technology ecosystem as an example, HKIC supported StarFive in developing "Lion Rock," the world's first RISC-V architecture data center management chip engineered in Hong Kong, and backed SpacemiT in launching the world's first mass-produced RISC-V artificial intelligence central processing unit (CPU) compliant with the RVA23 standard. Simultaneously, as an enterprise member of the RISC-V Working Committee of the China Electronics Standardization Association and a founding member of the Hong Kong RISC-V Alliance, HKIC continues to drive these relevant technologies to take root in Hong Kong, bridging the mainland's industrial foundation with global market opportunities. These practices demonstrate a virtuous cycle where capital empowers technology, technology drives industry, and industry feeds back into development.
From "Single Projects" to "Ecosystem Upgrades": Constructing a Synced "Point, Line, and Plane" Framework
As of the end of June 2026, HKIC has accumulated over 200 investment projects, covering three key strategic tracks: hard technology, life and health technology, and new energy and green technology. Within the investment portfolio, 10 companies have already listed in Hong Kong, and more than 30 have either submitted or are preparing to submit their listing applications this year.
HKIC's investment layout has transitioned from isolated single-project investments to systematic ecosystem upgrades, forming a coordinated development pattern of "points, lines, and planes." Individual investment projects link together to form industrial chains, further promoting the deep integration of the innovation chain, industrial chain, capital chain, and talent chain.
HKIC has also established multi-tiered ecosystem platforms. For instance, HKIC hosted the inaugural "International Patient Capital Forum," convening approximately 80 global patient capital institutions from 15 countries with total assets under management of USD 20 trillion, fully demonstrating HKIC's unique role as a "super-connector" and "super value-adder." HKIC co-organized the "Large Model Industry Forum" and the inaugural "AI International Talent Summit" with the Beijing Academy of Artificial Intelligence (BAAI), attracting over 350 top international experts, scholars, and industry professionals in the AI field.
From "Based in Hong Kong" to "Connecting the World": A Two-Way Bridge Linking National Strategy with Global Innovation
Rooted in Hong Kong and aligning with the overarching national development strategy, HKIC bridges national technological innovation strategies, Hong Kong’s advantages as an international financial center, and global innovation resources. HKIC translates macro-strategic directions into precise investment actions, fostering collaborative partnerships and ecosystem construction, and serves as a vital two-way conduit between the mainland and the globe.
Taking the paving of the "Belt and Road" overseas expansion route as an example, HKIC supported Spark EV in exporting Hong Kong’s smart mobility technology to Thailand, partnering with Bangchak Corporation to build over 1,000 electric vehicle charging stations within five years, with further expansion into Malaysia and other Southeast Asian markets. It supported SoySource in developing drought- and salt-tolerant soybean varieties, which have initiated trial programs in Malaysia, Thailand, and Egypt; and backed RushOwl in partnering with the Brunei government to launch an on-demand public transportation system.
Outlook: Integrating into the National "15th Five-Year Plan" Framework to Continuously Boost Hong Kong's Socio-Economic Development
The year 2026 marks the beginning of the "15th Five-Year Plan" and is a critical window for cultivating new quality productive forces, building a modern industrial system, and achieving a high level of scientific and technological self-reliance. HKIC will continue to play an essential platform role connecting national strategies, global capital, frontier technology, and industrial implementation, guiding market forces and professional management more precisely to continuously boost Hong Kong's socio-economic development.
Clara Chan, Chief Executive Officer of HKIC, stated in the annual report: "Looking ahead, we will: 1. Continuously review and update our key investment themes—from hard technology, life and health technology, and new energy and green technology, as well as their related applications, we have progressively expanded our coverage into more frontier fields, including next-generation artificial intelligence, brain-computer interfaces, commercial aerospace, cross-border financial infrastructure, and quantum computing; 2. Accelerate and scale up collaborations with local asset management institutions and financial service providers to expand synergies and jointly promote Hong Kong's economic and social development; 3. Further support mainland and Hong Kong enterprises in their global expansion; 4. Implement large-scale and high-value-added strategic initiatives, including the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the Northern Metropolis, offshore RMB venture capital funds, AI infrastructure-related themes such as data centers, and education industry-related projects, such as launching thematic investment collaborations with renowned local, mainland, and overseas universities."
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