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HSBC Holdings (0005.HK) announced on Tuesday the launch of a $880 million special science and technology credit fund to support start-ups and new economic development in Guangdong, Hong Kong and Macau.
The fund is aimed at companies that may have obtained early capital from venture capital or private equity firms, providing them with preferred debt financing to match the liquidity needed for development, rather than lending to start-ups in the conceptual experiential stage.
"The business model of new economic enterprises is different from our past services, and their financing ecosystem is also evolving." "The Dawan Science and Technology Credit Fund reflects HSBC's commitment to supporting the development of a new generation of growing enterprises in Dawan District," Zhao Minzhong, head of industry, commerce and finance at HSBC Hong Kong, said in a statement.
HSBC said that customers in e-commerce, financial technology, robotics, biotechnology and medical technology would be eligible to apply for the fund. In addition to loan support, the bank will continue to innovate its services to meet the financial needs of enterprises at different stages of development, including cross-border fund management, foreign exchange transactions and assistance in expanding private and public capital market channels.

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