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HKIC investment income jumps as ‘patient capital’ portfolio expands
Hong Kong Investment Corporation said investment income rose to about HK$6.46 billion, up 175.0% year over year in 2025, while citing a portfolio of more than 200 projects.
The Hong Kong Investment Corporation (HKIC), Hong Kong’s wholly state owned “patient capital” investment vehicle, reported a sharp increase in investment income during its second year of operation, as it expanded its role in supporting the city’s economic development. According to SCMP Economy, HKIC generated about HK$6.46 billion, or US$824 million, in investment income in 2025, a 175.0% year on year rise.
The firm also said it achieved a net internal rate of return of 14.0%, indicating it has avoided the typical early stage “J curve” downturn seen in new venture capital funds, SCMP Economy reported. HKIC’s CEO previously confirmed the result during a meeting of the Legislative Council’s Financial Affairs Panel.
SCMP Economy said HKIC’s performance was linked to improving returns across a growing portfolio of more than 200 projects. As of March, 10 companies in its portfolio had listed in Hong Kong, with more than 30 others awaiting approval for listing applications.
Financial Secretary Paul Chan Mo-po, who chairs HKIC, said the investment vehicle is entering a new phase by accelerating a “capital, technology, talent” cycle to support Hong Kong’s growth, SCMP Economy reported. Chan added that HKIC is focused on translating strategic priorities into an ecosystem designed to reinforce Hong Kong’s global role as a “superconnector” and “super value adder.”