5 in 5 minutes - September 22

Hong Kong government launches USD 256 million Innovation and Technology Venture Fund

The Hong Kong government has launched an Innovation and Technology Venture Fund (ITVF) of 2 billion Hong Kong dollars (USD 256 million) to co-invest with the partner VC funds in local startups. The fund is open for application from venture capital funds until January 15, 2018 and a briefing session will be held on October 3.

The Innovation and Technology Venture Fund Corporation(ITVFC)  has been set up as a special-purpose vehicle to facilitate the monitoring and administration of the ITVF. ITVFC will invest in the startups concurrently with the partner VC funds upon invitation of the VC funds. The co-investment scheme is targeted at startups which are at series A or B stages.

Jumpstart launches BLOOM co-working space in Tsim Sha Tsui to support female entrepreneurs

Jumpstart announced the launch of BLOOM,  a co-working space located in the heart of Tsim Sha Tsui, targeting female entrepreneurs. BLOOM will host regular ‘Female pitch night’ for women VCs and startup founders.

Jumpstart is a provider of serviced offices in Hong Kong and Shanghai with over 15,000 active members.

HSBC launches HSBC Safeguard App Competition in Hong Kong

HSBC has launched the HSBC Safeguard App Competition in Hong Kong to encourage students and startups to develop app prototypes that help solve real challenges for the banking industry.

Students can participate as a single entrant or in a team of up to five members, the first prize winner can win up to HKD100,000 and opportunities to receive seed funding from HSBC.

Hong Kong-based start-ups which have been incorporated for at least one year and no more than five years can also participate in the competition. The winning team will take home HK$300,000. Winning contestants may also receive seed funding from HSBC.

Proposal submission is opened now until October 31, 2017 noon.

Click here for more information.

Trip Guru takes home US$10,000 at the “Campfire Spark” tech pitch night

Campfire Collaborative Spaces announced the launch of a series of pitch nights called "Campire Spark" in August, organizing 4 monthly pitch nights starting with “Tech”, followed by “Fashion”, “Media”, and “Design & Architecture”.

The "Tech" pitch night was held on September 14th evening, 7 finalists presented their business in the hope of winning US$10,000 in cash and office space as prizes.

Trip Guru was chosen as the champion, while Agorize and Hong Kong Tourist Pass had won the runner-ups. The two runner-ups will receive two-months and one-month free hot desk.

Deloitte China forecasts Hong Kong to rank third in 2017 IPO fund raising

According to Deloitte China, The Stock Exchange of Hong Kong will rank the third behind the Shanghai Stock Exchange and the New York Stock Exchange by the end of the year.

Hong Kong is expected to complete new listings for 106 companies raising about HK$85 billion (US$10.90 billion) by September 30, 2017.