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Hong Kong's investment arm to start funding projects by year-end

Fintech and artificial intelligence among major sectors being targeted

The Hong Kong Investment Corp. was announced last October to promote industrial and economic development.

The Hong Kong Investment Corp. (HKIC), a government-owned investment operation created last October, is actively selecting potential projects and is expected to begin pouring money into them by year-end, said King Leung, head of financial technology at InvestHK.

The investment arm, viewed as the special administrative region's parallel to Singapore's Temasek Holdings, will not only invest directly from its $62 billion Hong Kong dollars ($7.91 billion) of funds but also plans to place money with selected partners from more than 40 other funds, which will then make direct investments. Only investments of more than $100 billion will be direct placements, Leung said.

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