Beyond Ventures appointed Co-Investment Partner to Innovation and Technology Venture Fund

Partnership means up to HK$1.2billion now available for Beyond Ventures to co-invest in local innovation and technology start-ups

HONG KONG,July 25,2018 -- Hong Kong-based venture capital fund Beyond Ventures has become one of the Co-investment Partners to the Innovation and Technology Venture Fund (ITVF),which was formed to spur private investment in local innovation and technology (I&T) start-ups.

Adopting the slogan "FromHong KongForHong Kong",Beyond Venturesis the only venture capital fund focused solely on Hong Kong,and seeks to revitalise the local innovation ecosystem by bringing venture capital funds together with entrepreneurs to nurture start-ups.

The Innovation and Technology Venture Fund Corporation (ITVFC) was set up by the HKSAR Government as a limited-liability company under the Companies Ordinance to monitor and administer the ITVF.

Part of the Beyond Ventures mission is to help Hong Kong start-ups grow and extend their business networks throughout Greater China,in other parts of Asia and around the world. It shares a common aim with the ITC to help high-potential start-ups and entrepreneurs get innovative business ideas off the ground. The sharpest areas of focus for Beyond Ventures are technology,media and telecommunications,as well as biotech,artificial intelligence and health care.

Lap Man,Co-Founder and Managing Partner of Beyond Ventures,said: "The ITVF is one of many initiatives the HKSAR Government has launched to bring about a more vibrant innovation and technology ecosystem in Hong Kong,while harnessing venture capital expertise to help out. Beyond Ventures is honored to be chosen as a co-investment partner and will channel every effort into generating healthy investment return and maximising positive social impact."

He added: "Beyond Ventures has invested in five companies since launch last September. We firmly believe Hong Kong is a fertile breeding ground for world-class tech start-ups,and with support from the ITVF,Beyond Ventures will provide more capital to help these new enterprises flourish globally."

Lap Man explained how start-ups supported by Beyond Ventures are able to benefit from vast founding,operational and financial experience accumulated by managing partners and business leaders from Hong Kong-listed companies and multinational corporations. Up-and-coming entrepreneurs fronting start-up enterprises are also able to tap into significant resources held by Hony Capital and eGarden Ventures in mainland China and elsewhere.

He said: "With nearly two decades of investment experience in Greater China and the US under our belts,we believe Beyond Ventures is capable of bringing in quality deals and investing with various venture capital funds and the ITVF to help start-ups expand in Greater China,Asia and other parts of the world."

Becoming an ITVF investment partner means Beyond Ventures is now able to draw on up to HK$1.2 billion to invest in local innovation and technology (I&T) start-ups. The figure is based on the fact that the HKSAR Government and the co-investment partner will invest in local I&T start-ups at a ratio of around 1:2,and the maximum amount for each co-investment partner is capped at HK$400 million.

The HKSAR Government's 2016 Policy Address announced an intention to set aside HK$2 billion to establish the ITVF,with the aim of encouraging venture capital funds to invest in I&T start-ups. ITVF funding was approved by the Finance Committee of the Legislative Council on 12 July 2016.

About Beyond Ventures

Beyond Ventures is a Hong Kong-based venture capital fund established by eGarden Ventures in partnership with locally-grown serial entrepreneurs. eGarden Ventures is a venture capital fund focused on technology,media and telecoms (TMT) and holds an 18-year investment track record in mainland China. The fund is also supported by leading investment company Hony Capital,which manages more than US$10 billion in assets.

Adopting the slogan "FromHong KongForHong Kong",Beyond Venturesseeks to revitalise Hong Kong's innovation ecosystem by bringing experienced venture and private equity funds together with successful entrepreneurs able to provide start-ups with mentoring support.

Running the fund is a trio comprising Alex Fang,a seasoned venture capitalist in Hong Kong and mainland China and co-founder of eGarden Ventures; Lap Man,Founder and CEO of DYXnet Group,Greater China's leading carrier neutral network service provider; and Marvin Hung,Vice Chairman of Hung's Group and Executive Director and CEO of Hop Hing Group Holdings Limited (stock code: 47).

Beyond Venturesis the only venture capital fund focusing solely on Hong Kong. It aims to help start-ups grow and extend their business networks throughout and beyond Hong Kong by drawing on vast experience accumulated by the founders,as well as the extensive resources held in mainland China and elsewhere by Hony Capital and eGarden Ventures. For more information about Beyond Ventures,please visit the official website at www.beyondventures.hk.