“Today, we have a perfect example and story of a company born and raised in Hong Kong, which expanded into the Greater Bay Area and now has a very successful global footprint,” Chan said during a panel discussion after the signing.
“The network and experience of HKIC combined with the AI knowledge and capability of SmartMore will bring Hong Kong’s technology to the next level,” Lee said in a pre-recorded video on Wednesday. “I have high hopes that HKIC will use the local reserves to benefit Hong Kong’s technology and economy as a whole.”
Founded in 2019 by Jia Jiaya, SmartMore produces visual inspection machines for production and assembly lines. It has more than 300 clients all over the world and in multiple industries, including Apple, Tesla and BYD.
The company has no timeline for a share offering yet, said Jia, who is also its chairman.
SmartMore is among the first batch of investment targets the HKIC has been negotiating with, a source said. The corporation will complete more deals this month, Chan said, without elaborating.
Hong Kong’s business-friendly culture, top universities, active financial markets and free flowing capital and people make the city an ideal place for start-ups to incubate and commercialise their ideas, Chan said.
“Many start-ups’ priority list is growth potential and opportunity,” she said. “The Greater Bay Area and the Belt and Road Initiative are bringing additional growth drivers and opportunities for Hong Kong in the long run.”
“The current stock market valuation may still face pressure, but then the AI and the fourth industry revolution will mean rapid development of more AI companies,” he said in a speech after the signing. “The stock market will shift its attention to these companies, and the valuation level will also improve.
“There are a lot of investment funds seeking good growth candidates. We would like to see more start-ups follow the example of SmartMore to consider listing in Hong Kong, so as to inject new energy and to act as a new growth engine of the stock market.”
Established in October 2022, HKIC manages four funds, including a HK$30 billion co-investment fund. The other funds are the HK$32 billion Hong Kong Growth Portfolio, which includes a HK$5 billion Strategic Tech Fund and a HK$5 billion Greater Bay Area Investment Fund, which focuses on investment opportunities in the development area that includes Hong Kong, Macau and nine mainland cities in China’s southern Guangdong province.