香港投资有限公司（HKIC）在担任首任首席执行官三年后，尽管全球经济气候艰难，但仍证明了自己的价值。她再次被任命为首席执行官，任期三年，从10月9日开始，这是对这一记录的恰当承认。
Three years after Clara Chan Ka-chai took the helm as its first chief executive, Hong Kong Investment Corporation (HKIC) has proved its worth despite a difficult global economic climate. Her reappointment as chief executive for a further three-year term, beginning on October 9 is a fitting acknowledgement of that record.
当香港投资中心在2022年的《施政报告》中推出时，它遭到了批评。有人认为，香港的繁荣是建立在自由放任之上的，而不是政府投资之上的，国家应该将资本配置留给市场。但时代已经改变，不仅在香港和中国大陆，而且在世界各地。一间由政府成立及全资拥有，运作良好的投资公司，可以更有效地运用财政储备，加强本地经济及工业，这是一个明显的理据。
When HKIC was unveiled in the 2022 policy address, it had its critics. Some argued that Hong Kong’s prosperity was built on laissez-faire, not government investment, and that the state should leave capital allocation to the market. But times have changed, not only in Hong Kong and mainland China but around the world. There is a clear case for a well-run investment company, established and wholly owned by the government, that can make better use of fiscal reserves to strengthen the local economy and its industries.
香港投资公司不是传统的主权财富基金，这不仅仅是因为香港是一个城市，而不是一个城市国家。新加坡的淡马锡寻求长期盈利能力，业务遍及全球，造福几代新加坡人。香港投资公司获得了620亿港元的初始资本，其更广泛的使命是提高当地生产力和竞争力，而不仅仅是盈利能力。其专注于硬核心技术、生物技术和绿色能源，旨在培育战略性产业，为香港带来长期价值和财务回报。
HKIC is not a conventional sovereign wealth fund, and not merely because Hong Kong is a city rather than a city state. Singapore’s Temasek seeks long-term profitability with a global reach, to benefit Singaporeans over generations. HKIC, which was given HK$62 billion in initial capital, has a more extensive mandate to raise local productivity and competitiveness, not profitability alone. Its focus on hard and core technology, biotechnology and green energy is meant to nurture strategic industries, placing long-term value for Hong Kong alongside financial return.
根据其公布的措施，香港投资公司在多个方面都表现出色。截至2025年底，其投资组合净内部收益率已达14%。2025年总投资收益超过64亿港元，同比增长约175%。公司已投资超过200家公司。已有11家公司在香港上市，今年已有30多家公司提交或计划提交上市申请。
By the measures it has published, HKIC has done well on several fronts. As of the end of 2025, the net internal rate of return on its portfolio had reached 14 per cent. Total investment income for 2025 exceeded HK$6.4 billion, a year-on-year increase of about 175 per cent. The corporation has invested in more than 200 companies. Eleven are already listed in Hong Kong, and more than 30 have submitted or plan to submit listing applications in the city this year.
引用最多的数字是，香港投资公司每投资一元港元，就吸引了超过8美元的国际长期市场资金，高于2025年3月的4美元以上。这个乘数值得注意。它似乎衡量了与公共资金一起吸引的私人共同投资。此外，71%的投资组合按设计投资于硬件和核心技术，而且由于这些持股大部分未上市，因此报告的收益取决于估值，而不是实现回报。即使拥有这些资格，对于一家年轻的投资公司（无论是否上市）来说，这些数字也是令人印象深刻的。
The most quoted figure is that every Hong Kong dollar invested by HKIC has attracted more than eight dollars in international long-term market capital, up from over four dollars in March 2025. That multiplier deserves some caveats. It appears to measure private co-investment drawn in alongside public money. Moreover, 71 per cent of the portfolio was placed in hard and core technology, as designed, and since most of these holdings are unlisted, the reported gains rest on valuations, not realised returns. Even with these qualifications, the figures are impressive for a young investment company, publicly owned or not.
随着投资组合的成熟，香港投资公司应相应披露更多信息。已实现和未实现的收益应分开报告。公众应该被告知如何评估非上市投资，以及公司如何权衡商业回报与整体战略目标。这一切都不意味着任何缺点，只是公众信任是建立在透明度之上的。
As the portfolio matures, HKIC should disclose more accordingly. Realised and unrealised gains ought to be reported separately. The public should be told how unlisted investments are valued, and how the corporation weighs commercial returns against strategic goals as a whole. None of this implies any shortcoming, only that public trust is built on transparency.
由于香港投资中心的角色将变得越来越重要，因此这些细节变得更加重要。香港第一个五年规划明确表示，政府将利用香港投资公司作为“耐心资本”，积极寻求共同投资。2026-27年预算表示，政府将“及时”安排向该公司注资。
Such detail matters all the more because HKIC’s role is set to grow in importance. Hong Kong’s first five-year plan states explicitly that the government will use HKIC as “patient capital” to actively pursue co-investments. The 2026-27 budget, for its part, said the government would arrange for a capital injection into the corporation “in a timely manner”.
行政长官李家超坚称“五年计划不是计划经济”。香港国际投资中心将成为该市金融、创新与科技以及新兴产业等领域增长的关键推动者，这一说法将受到考验。当然，这也意味着积极支持科技型北方大都市和广东港澳大湾区的发展。
Chief Executive John Lee Ka-chiu has insisted that “the five-year plan is not a planned economy”. HKIC is where that claim will be tested as it becomes a key facilitator in the growth of the city’s sectors in finance, innovation and technology, and emerging industries. This, of course, also means actively supporting the development of the tech-oriented Northern Metropolis and the Guangdong-Hong Kong-Macau Greater Bay Area.
如果香港投资公司保持投资纪律并保持独立，将证明“有效市场”和“有能力的政府”可以共存。
If HKIC maintains its investment discipline and stays independent, it will demonstrate that an “effective market” and a “capable government” can coexist.
香港投资公司赢得了对其首席执行官连任的信心。它谨慎而耐心地部署资本，吸引了认真的国际合作伙伴，并帮助补充了该市的上市渠道。对于这样一个年轻的机构来说，这些都是真正的成就。但随着越来越多的公共资金流入，公共透明度预计将同步增长。
HKIC has earned the confidence expressed in its chief executive’s reappointment. It has deployed capital carefully and patiently, drawn in serious international partners and helped replenish the city’s listing pipeline. Those are real achievements for such a young institution. But as more public money flows its way, public transparency is expected to grow in step.