Sunday, August 18, 2019
Martin Hennecke

US$880m fund for GBA start-ups
<p>Hongkong and Shanghai Banking Corporation has launched a US$880 million (HK$6.86 billion) technology credit fund called GBA+ loans to provide financing support for innovation and technology start-ups in the Greater Bay Area.</p><p>The fund will offer senior debt financing to emerging firms in industries including e-commerce, fintech, robotics, biotechnology and medical technology in the area.</p><p>The start-ups may have obtained initial investment from venture capital or private equity companies instead of still standing in the phase of proving the feasibility of concepts.</p><p>Meanwhile, Secretary for Financial Services and the Treasury James Henry Lau said Hong Kong&#39;s offshore yuan pool has grown to 650 billion yuan and the liquidity management within the bank system is sound.</p><p>He added that People&#39;s Bank of China&#39;s issuing yuan bills strengthens Hong Kong&#39;s position as the preferred gateway for foreign investors to enter mainland financial market.</p><p>Separately, former secretary for financial services Ceajer Chan Ka-keung said Hong Kong has a major role in promoting the internationalization of the yuan and diversification of the financial market.</p><p>Hong Kong should allow residents in the Greater Bay Area to purchase financing products and attract more assets in the Bay Area into the finance industry, he said.</p>
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