Observations on HKIC's 2025 Annual Report: Building a Comprehensive RISC-V Ecosystem and Paving the "Belt and Road" Route for Global Expansion

On July 16, 2026, the Hong Kong Investment Corporation Limited ("HKIC") released its2025 Annual Report. The report reveals that for the full year ended December 31, 2025, the corporation achieved an investment income of HKD 6.459 billion, representing a 175% year-over-year growth, and an operating profit of HKD 6.320 billion, up 181% year-over-year. The net internal rate of return (IRR) of the investment portfolio reached 14%. As of the end of June 2026, HKIC had accumulated over 200 investment projects, with every HKD 1 invested leveraging more than HKD 8 in long-term market capital co-investment.

Clara Chan, Chief Executive Officer of HKIC, noted that HKIC's investment principles and practices are progressively transitioning from capital investment to a new stage of industrial empowerment, ecosystem building, and strategic leadership. This upgrade is explicitly reflected in the annual report.

Building a Comprehensive RISC-V Ecosystem to Actively Support National Technological Innovation

As an open standard architecture based on a reduced instruction set, RISC-V is fundamentally reshaping the paradigm of chip design. With higher flexibility and cost-effectiveness, it is driving broader applications ranging from smartwatches and fitness trackers to edge computing. As the associated ecosystem matures, RISC-V is propelling the globe toward a new era of connectivity.

HKIC's investments not only accelerate the commercialization of chips but also deepen the collaboration among industry, academia, and capital. By driving an integrated ecosystem, HKIC actively assists the nation in achieving scientific and technological self-reliance while consolidating Hong Kong's position as a leading hub for open-source chip R&D, talent cultivation, and technological application.

Through strategic investments and partnerships, HKIC actively promotes the R&D and industrial application of RISC-V technology. This includes supporting StarFive in developing "Lion Rock," the world's first RISC-V architecture data center management chip engineered in Hong Kong, and backing SpacemiT in launching "K3," the world's first mass-produced RISC-V artificial intelligence CPU compliant with the RVA23 standard, which natively supports FP8 inference operations. These collaborations embody HKIC's strategy of establishing a full-chain ecosystem covering chip design, packaging and testing, and scenario applications.

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 will continue to exert its strategic influence. It aims to anchor relevant technologies in Hong Kong, transcend geographical and industrial boundaries, and bridge the mainland's deep industrial foundation with global market opportunities.

Paving the "Belt and Road" Expansion Route to Connect National Strategy with Global Innovation

The "Belt and Road" (B&R) markets harbor immense developmental potential, which perfectly complements Hong Kong's advantages in finance, quality control, rigorous standards, and commercial innovation. HKIC translates this advantage into action, providing long-term support to enterprises and assisting them in advancing cross-border projects across B&R markets to ensure robust operations at every stage.

Through strategic partnerships, HKIC connects its portfolio companies with capital and industrial collaborations in B&R markets, establishing viable execution pathways. Three representative cases illustrate this: supporting Spark EV in exporting Hong Kong's smart mobility technology to Thailand, partnering with Bangchak Corporation to build over 1,000 EV charging stations within five years, and expanding further into Malaysia and other Southeast Asian markets; supporting SoySource in developing new drought- and salt-tolerant soybean varieties, which have already been harvested in multiple mainland cities and are undergoing trial programs in Malaysia, Thailand, and Egypt; and backing RushOwl in collaborating with the Brunei government to launch an on-demand public transportation system, driving the local digital transformation of transit.

The power of patient capital lies in active companionship. HKIC proactively connects portfolio companies with reliable business partners and upholds rigorous responsibility during the technological deployment process in B&R markets, thereby empowering Hong Kong to create sustained and profound global impact.

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