The government will invest approximately a third of the overall commitment in startups, with VC firms providing the remaining two-thirds. Applications to become a co-investor are open until 15 January.

The government of Hong Kong launched its HK$2bn ($256m) Innovation and Technology Venture Fund (ITVF), inviting venture capital firms to become co-investors as part of a push to support the “remarkable growth” in the startup scene in China’s special administrative region (SAR), according to Bernard Chan, under-secretary for commerce and economic development, at the Global Corporate Venturing Asia Congress.

Chan said in 2003 there had been three co-working spaces in the SAR but now there were 15 with 5,300 staff…