CUHK and China Prosperity Capital GP Fund sign MOU to support CUHK start-ups and entrepreneurs
The Chinese University of Hong Kong (CUHK)’s subsidiary company CUHK Innovation Ltd and the China Prosperity Capital GP Fund (CPC Fund) have signed a Memorandum of Understanding (MoU) to support CUHK’s spin-off companies as they commercialise their innovative research and development achievements, promoting Hong Kong as a global innovation and technology hub.
The MoU was signed by the Chairman of the Board, CUHK Innovation Ltd Dr Norman Chan Tak-lam and Mr Hendrick Sin, CPC Fund Founding and Managing Partner, on 24 February 2023. The partnership’s goal is to provide support to CUHK-related spin-offs on a case-by-case basis, promoting their development and growth.
Under the MoU, CUHK Innovation Ltd will present research achievements originated from CUHK for matching investment to its investor partners, including the Startuphk Fund, which is a Hong Kong dollar fund being set up by CPC Fund with a target size of HK$600 million to invest in technology-related companies in Hong Kong, boosting the companies’ commercialisation prospects.
Professor Sham Mai-har, CUHK Pro-Vice-Chancellor (Research), said: “It is our honour to partner with CPC Fund, and support CUHK-related start-ups and entrepreneurs. Research and innovation is among the key areas of our CUHK 2025 strategic plan. The HKSAR Government also highlighted in the 2023-24 Budget that the HKSAR will invest more funds and resources to promote the translation of research and technology industries. CUHK will continue to work with public and private organisations to jointly build up an innovation and entrepreneurship ecosystem and facilitate the development of Hong Kong as an international innovation and technology hub.”
Mr Hendrick Sin, CPC Fund Founding and Managing Partner, remarked: “As the world gradually revives from COVID-19 pandemic, innovation and technology development in Hong Kong also embraces new opportunities. Hong Kong government recently announced the “Hong Kong Innovation and Technology Development Blueprint”, aiming to build Hong Kong into an international innovation and technology center. In response to the national strategic plan of the “Guangdong-Hong Kong-Macao Greater Bay Area (GBA)”, CPC Fund has done a lot of work in promoting the integration of science and innovation in GBA and assisting Hong Kong youths to start businesses in the Bay Area. The fund, through its Hong Kong dollar fund – Startuphk Fund, is devoted to cooperating with CUHK to foster more CUHK technology-oriented start-ups, to enhance the commercialisation of research outputs and to make positive contribution to the development of GBA.”