Hong Kong's US$8 billion government fund inks deal with Beij...

The Hong Kong Investment Corporation (HKIC), a government-owned fund that manages HK$62 billion (US$8 billion) in assets, has struck a deal with a biotechnology firm started by Chinese internet giant Baidu founder Robin Li Yanhong, the fund's second public move as the city seeks to boost its technology sector. The partnership will see Beijing-based Biomap set up an accelerator called BioMap InnoHub, which will aim to support over 50 early-stage research and development (R&D) projects in cutting-edge life science, with priority given to projects recommended by universities and ecosystem partners in Hong Kong, the company said on Monday. The HKIC will not only invest in Biomap, but will also lead its current financing round, meaning that the government fund is "setting the parameters and terms" of this round for other investors to follow, HKIC CEO Clara Chan Ka-chai said at a signing cer...