Celebration of Cyberport Investors Network’s 7th Anniversary with Total Investments Surpassing HK$2.5B and Membership Exceeding 200

HONG KONG SAR - Media OutReach Newswire - 24 October 2024 - TheCyberport Venture Capital Forum 2024, a premier annual event in the global venture capital scene organised by Cyberport, was inaugurated today. The two-day event, themed "Innovation Challenger: Building New Venture Visions", brings together over 90 globally influential venture experts, entrepreneurial visionaries and innovative thinkers. They explore the future of innovation and entrepreneurship from fresh perspectives and delve into how emerging technologies such as Web3.0 and artificial intelligence (AI) can help companies and investors breakthrough in the rapidly evolving venture capital market, creating new opportunities. Meanwhile, Cyberport also celebrated the 7th anniversary of Cyberport Investors Network establishment, and Cyberport start-ups' fundraising achievements. During the event, Professor Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government, delivered the opening remarks; while Simon Chan, Chairman of Cyberport, presented the welcoming address. Hendrick Sin, Chairman of the Cyberport Investors Network (CIN) Steering Group, Co-Founder & Vice Chairman of CMGE Technology Group Limited, and Founding Partner of China Prosperity Capital, reviewed the impressive journey and achievements of CIN over the past seven years. Together with other guests, they officiated the opening ceremony, marking the official start of this eagerly awaited global forum.Professor Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government, said in his remarks, "CVCF has been 'connecting visionaries and cultivating the future'. It gathers the brightest minds from the innovation and technology (I&T) and the venture fund worlds, to brainstorm fresh ideas and approaches on how to support our start-ups in generating more breakthrough and new solutions. The Chief Executive announced a series of new and exciting I&T initiatives in his Policy Address last week to inject impetus into our I&T ecosystem. We will set up a $10 billion I&T Industry-Oriented Fund to channel more market capital to invest in specified emerging and future industries of strategic importance, and optimise the existing Innovation and Technology Venture Fund by redeploying $1.5 billion to set up funds jointly with the market on a matching basis to invest in Hong Kong's start-ups ecosystem. We will also launch the Pilot I&T Accelerator Scheme which aims to attract professional start-up service providers with proven track records from local and outside Hong Kong to set up accelerator bases in Hong Kong, thereby fostering the robust growth of start-ups." Simon Chan, Chairman of Cyberport, stated in his welcoming speech: "The Policy Address delivered last week outlined plans for increased investment and guide more market capital initiatives, including the establishment of a HK$10 billion I&T Industry-Oriented Fund and the launch of the I&T Accelerator Pilot Scheme. These initiatives aim to enhance investment in the I&T sector and accelerate its overall development. As Hong Kong's digital technology flagship and incubator for entrepreneurship, Cyberport will continue to align with the strategies of the HKSAR Government. Through international events likes the CVCF, we aim to further leverage Hong Kong's unique role under the Belt and Road Initiative, fostering cross-border collaboration and supporting start-ups in exploring business opportunities in the Greater China, ASEAN and Middle East regions." During the Forum, Cyberport announced the signing of a Memorandum of Understanding with Draper Dragon to jointly establish the "Cyberport x Draper Dragon Web3.0 Accelerator Programme". By integrating Draper Dragon's Silicon Valley incubation experience with Cyberport's thriving Web3.0 ecosystem, the collaboration aims to accelerate industry development across talent cultivation, project incubation, and investment, connecting Silicon Valley and Hong Kong's related industries. Draper Dragon will also select suitable projects from Cyberport start-ups that completed the Accelerator Programme to invest in, enhancing innovation efficiency and aligning Hong Kong Web3.0 innovation with international standards. The agreement signing was witnessed by Simon Chan, Chairman of Cyberport, and Larry Li, Managing Partner of Draper Dragon. It was signed by Ir Eric Chan, Chief Public Mission Officer of Cyberport, and Richard...