Over 200 million yuan up for grabs for start-ups at Beijing-backed entrepreneur festival in Hong Kong next month

PUBLISHED : Wednesday, 25 November, 2015, 5:15pm
UPDATED : Wednesday, 25 November, 2015, 7:47pm

The first Hong Kong International Entrepreneurs Festival (HKIEF) will yield total investment of over 200 million yuan (US$31.3 million) for participating start-ups, according to a spokesperson for the event.

It is due to run from December 3-5 at several venues including Asia World Expo and Kowloon Park.

AngelCrunch, a Beijing-based marketplace for investors and start-ups, will bring 20 members from its so-called “10 million investment club” to the fair, said Eric Yeung, executive president of the festival’s organising committee.

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The number refers to how much each member plans to invest in participating start-ups, calculated in Chinese yuan.

“They hope to spend it all,” said Yeung.

Meanwhile, a number of official partners of the fair will contribute to a prize of HK$10 million (US$1.3 million) for the company that places first in the Top Ten Young International Entrepreneurs Awards, according to a statement.

The rest of the top 10 are unlikely to leave empty-handed, either.

“I’m sure we can line up investments for all ten,” Yeung said.

The festival has teamed up with 14 investment companies including international venture group IDG Capital Partners and investment bank China Renaissance, as well as Hong Kong-based Radiant Venture Capital.

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China’s Internet Development Foundation is one of the festival’s organisers. It runs under the shadow of the State Internet Information Office, which falls within the jurisdiction of the State Council.

A handful of senior-ranking Chinese officials from the information office will attend the fair, which will feature a speech by Hong Kong’s Chief Executive CY Leung.

Over 1,000 companies have applied for this year’s “top 10” award. The fair's partners whittled these down to a shortlist of 30, including eight from Hong Kong, Yeung said.

”We hope to see more Hong Kong companies take part in the future,” he said, adding that a company only needs to register in the city to apply.