One ITVF page describes two arrangements
As reviewed on October 6, 2026, the official Innovation and Technology Fund page describes both the Enhanced Scheme's fund manager model and the co-investment model. The former uses a 1:3 government-to-market contribution ratio at fund level; the latter uses an approximately 1:2 ITVF-to-partner co-investment ratio.
The first question is not which ratio looks more attractive, but who makes which decision. A startup raising capital from a fund is different from a fund raising capital from its investors. A government-fund announcement cannot replace an investment institution's assessment of a particular company.
Separate in-principle selection, a fund commitment and a company investment
The official page records nine fund managers selected in principle on April 23, 2026 and a July 30 commitment to Victoria Harbour Nexus Innovation LPF. The published Enhanced Scheme manager directory identifies that fund with CC SIF Advisory Limited.
This does not establish that all nine managers' relevant funds have reached the same stage, still less that a particular startup has received investment. A founder should establish the legal entity, the specific fund and whether that fund is currently considering opportunities at the company's stage.
A fundraising tracker can preserve three separate columns: the publicly documented scheme, verified progress of the relevant fund, and actual communication concerning your company. Without documented investment facts, the last column remains contact or discussion. Policy context must not become a claimed company achievement.
Who should the startup approach first?
Question 9 of the official ITVF FAQ says that startups cannot submit funding applications or investment proposals directly to ITVF under the co-investment arrangement; they can approach its co-investment partners. That document is the September 2025 version. Its co-investment explanation should not be treated as a complete account of the Enhanced Scheme.
| Route | First identity to verify | What must not be inferred |
|---|---|---|
| Enhanced Scheme fund manager model | The fund and manager identified in the current official directory | The government's share of a fund determines matching capital for your company |
| Co-investment model | A listed co-investment partner and the applicable arrangement | Contact with a partner means ITVF has approved the company |
| Ordinary financing or industry discussion | The investment institution, adviser or industry party actually involved | Operating in Hong Kong venture capital confers official ITVF status |
The co-investment partner directory is a separate entry point from the Enhanced Scheme manager directory. Listed sectors and contacts help with verification. They do not guarantee current available capital, response times or fit with an individual project.
Translate a Hong Kong-Shenzhen presence into an operating plan
The Enhanced Scheme page also requires an investee to agree to use at least 50% of the fund's investment amount for Hong Kong-related operations. This is not simply a matter of registering a Hong Kong entity, and an intermediary's verbal assurance cannot replace the fund's assessment.
For a team operating across Hong Kong and Shenzhen, our suggested preparation is an operating map: who conducts research, which entity contracts with customers, where testing and procurement occur, how capital would be used and which activities remain plans. Make the description consistent with the business before asking a fund how its requirements apply.
A hardware team combining Hong Kong research with Shenzhen engineering, for example, needs more than two city logos. Explain how a product task moves between the locations, how its budget relates to the work and who is responsible for the result. This is an editorial preparation framework, not an eligibility finding about a company.
Use a directory for targeted research, not a mass mailing
Before approaching institutions, check their sectors, stages, fund identities and current public contact routes. Choose the recipients for whom there is a specific reason to engage. A non-confidential project brief can explain the product, evidence stage and concrete purpose of the discussion.
For a follow-up, ask which fund is considering the opportunity, whether the company is at an appropriate stage and what needs validation next: customers, technology or operations. Establish which documents can follow after their purpose and confidentiality scope are agreed. These questions are closer to an investment decision than asking only how much government money might match a round.
Retain a budget scenario in which the investment does not happen. Policy support can provide a research lead; it should not become certain funding for company expenditure before agreements and receipts exist.
Jimhang Capital's role in this conversation
Jimhang Capital, founded by Justin Zhan, focuses on industry communication and venture connections involving Hong Kong and Shenzhen startup teams. Founders can discuss how to explain cross-border responsibilities, organize questions for investment institutions and prepare an initial introduction.
This article does not claim that Jimhang Capital is an ITVF co-investment partner, selected fund manager or official agent, or that it can secure an investment commitment from any fund. Relevant authorities and funds make their own decisions.
For discussion of a Hong Kong and Greater Bay Area venture, contact justin@jimscapital.cn. This is public-programme research and communication guidance, not personalized investment advice. Confirm fund terms, legal structures and eligibility with the relevant authority, fund and qualified advisers.
Sources reviewed October 6, 2026. Officially reported status is distinguished from editorial analysis. Fundraising by a fund, government commitments and investment received by a startup are different events.