On April 23, the Hong Kong Innovation and Technology Bureau announced that under the "Innovation and Technology Venture Fund" optimization plan, nine companies were selected as the first batch of fund managers. The list of selected fund managers includes: CC SIF Advisory Limited, E Fund Management (HK) Co., Ltd, Zhejiang International Assets Management Co., Ltd, Tung Wah Industries Ltd, Dalton Venture Hong Kong Limited, Gobi Admiralty Limited, Shanshui Capital (Hong Kong) Limited, Shui Mu Huading (Hong Kong) Venture Capital Management Co., Ltd, and Shui Mu Assets Management Co., Ltd. Each selected fund manager will serve as a general partner of the fund, and must raise no less than HK$450 million of non-government funds, and establish a limited partnership fund in Hong Kong with a minimum of HK$600 million (including government contributions). As general partners, fund managers are responsible for managing the fund's daily operations, investing in suitable startups according to the investment framework, providing support to the invested startups, and submitting regular reports. The Hong Kong government will be one of the limited liability partners of the fund, providing matching funding in a ratio of three Hong Kong dollars in market-raised funds to one Hong Kong dollar from the government. The government's investment in each fund will range from HK$1.5 billion to HK$2.5 billion. After successfully raising funds and meeting relevant regulations and requirements, the government will sign a limited partnership agreement with the fund manager as a limited partner. The establishment of the HK$2 billion "Innovation and Technology Venture Fund" aims to encourage private investors to invest in local innovative technology startups. Professor Daniel Sun, Secretary for Innovation and Technology of Hong Kong, stated that the optimization plan for the "Innovation and Technology Venture Fund" aims to leverage more market capital to invest in local technology startups through top-level design, marking an important attempt of the current Hong Kong Special Administrative Region government to innovate and invest in the technology industry. This optimization plan will provide important practical and reference basis for the government to introduce more market-oriented investment tools in the future. A spokesperson from the Hong Kong Innovation and Technology Bureau stated that they are pleased to collaborate with the nine fund management companies to promote investment in strategically significant industries for startups. By leveraging the experience of professional fund managers, the optimization plan is expected to attract more market funds, provide greater financing and support to startups, and further enrich the local technology startup ecosystem in Hong Kong. It is hoped that the selected fund managers will quickly raise market funds to match government funding, allowing the fund to operate and invest in technology startups as soon as possible. The Hong Kong Innovation and Technology Bureau publicly invited fund managers to submit applications for the optimization plan of the "Innovation and Technology Venture Fund" and received a total of 65 applications. Based on evaluation criteria including the background of the fund manager applicants, team experience, investment strategy and process, investment performance, fee structure, as well as their industry network and support capabilities in Hong Kong and overseas, and after consulting the Advisory Committee of the "Innovation and Technology Venture Fund", the above nine companies were tentatively selected as the first batch of fund managers.