Patient capital invests in the future. Compared to other investors, patient capital has more flexibility in investment horizon, and peers can naturally become long-term partners who trust each other and have similar visions, "said Chen Jiaqi, CEO of Hong Kong Investment Management Limited, to reporters recently. Financial support, industry integration, financing services... Patient capital's "companion style" services provide effective support for the development of innovation and technology enterprises, and Hong Kong, as an important link connecting domestic and foreign markets, has also built a cooperation platform for mainland innovation and technology enterprises and international patient capital, providing direct financing channels. At the recently held International Patient Capital Forum, about 80 patient capital institutions from around the world gathered in Hong Kong, with a total asset management scale of $20 trillion. The regions involved account for over 50% of the global gross domestic product, covering sovereign funds, retirement funds, university funds, family offices, corporate venture capital institutions, and more. The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, pointed out that these international patient capital managers generally have a positive outlook on the development of innovation and technology in China and Asia, as well as the huge application market. They believe that the current time is a good opportunity for investment and hope to reach out to more potential technology companies through Hong Kong investment companies. For innovation and technology enterprises, having access to more potential investors and long-term funds can help accelerate the connection between capital and innovation and technology enterprises, and provide stronger support for technological research and development innovation and implementation transformation. As an international hub for high-end talent, an international center for innovation and technology, and an international financial center, Hong Kong can efficiently gather the three major elements of talent, innovation and technology opportunities, and finance. Chen Jiaqi said that recently there has been a trend of international talents, enterprises, and funds accelerating their inflow into Hong Kong or entering the mainland through Hong Kong. These conditions allow international investors to connect with and invest in high-quality innovation and technology enterprises at different stages of financing through Hong Kong's mature capital market. Hong Kong economist and director of the Silk Road Wisdom Valley Research Institute, Leung Hoi ming, believes that as a "super contact", Hong Kong not only provides diversified cross-border financing channels for mainland innovation and technology enterprises, but also helps connect them with global markets, industrial chains, and partners. Hong Kong, as a "super value-added person", promotes enterprise technology research and industrial upgrading through its international platform, professional services, and resource integration capabilities. When international patient capital gathers in Hong Kong, it actually opens up an 'offshore capital supply port' for mainland innovation and technology enterprises. ”Wen Tianna, CEO of Hong Kong Boda Capital International, emphasized that Hong Kong provides a transparent system, legal protection, and a springboard for connecting international investors, especially for companies that have not yet met the conditions for A-share listing or wish to access resources such as US dollar funds and biotechnology special funds. This is not only reflected in the financial aspect, but also in the international network, market standards, and governance experience brought by capital, which positively guide the development trajectory of innovation and technology enterprises. In order to better utilize Hong Kong's fiscal reserves to promote local industry and economic development, the Hong Kong Special Administrative Region government established Hong Kong Investment Management Limited in 2022 to manage four funds under the "Future Fund" of the government, with an initial management scale of HKD 62 billion. Chen Maobo revealed in this year's budget that Hong Kong Investment Corporation, as a patient capital, is striving for medium and long-term investment returns while attracting more cutting-edge technology and patient capital to gather in Hong Kong, accelerating the construction of Hong Kong's innovative technology ecosystem and the upstream, midstream, and downstream development of the industrial chain. According to statistics, for every 1 Hong Kong dollar investment in invested projects, Hong Kong investment companies generate 4 Hong Kong dollars of long-term capital for follow-up investment. In terms of selecting investment projects and partners, Chen Jiaqi stated that Hong Kong investment companies need to take a long-term perspective and integrate into the national situation to accelerate the cultivation of new quality productivity. In addition, they need to bring more new momentum to the country and Hong Kong, and cultivate more new business models. Hong Kong Investment Corporation is currently focusing on three major investment areas: hard technology, life technology, and new energy/green technology. Among the more than 100 projects it has invested in, innovation and technology are the focus, while artificial intelligence and embodied intelligence are the main growth points. Chen Jiaqi introduced that all the invested projects have developed well, and 5 to 10 related companies have plans to IPO on the Hong Kong Stock Exchange. The capital market in Hong Kong, including the Innovation Board and the recently launched mechanism for listing specialized technology companies, is trying to accommodate more companies with high technological potential that have not yet made profits. Wen Tianna pointed out that this provides an exit mechanism and value-added platform for patient capital, as well as a clearer capital path for startups. In addition, Hong Kong is actively building a startup ecosystem, such as through the Hong Kong Science and Technology Park, Cyberport, and InnoHK platforms, which not only provide funding matching, but also combine scientific research institutions with cross-border legal, financial, intellectual property and other professional support, allowing startups to continue to receive value-added services during the "experiment incubation expansion" stage. With the help of Hong Kong's well-established innovation and technology ecosystem, mainland innovation and technology enterprises can accelerate their growth, take root locally, and move towards internationalization. ”Liang Haiming said. Wen Tianna believes that the key to Hong Kong lies not only in "attracting capital", but also in building a reliable field for capital and innovation exchange, so that the "long-term" attributes of patient capital can be transformed into the "long-term" competitiveness of startups. (New Society)