Chinese state company opens two venture capital funds in Hong Kong

CPIC and investment firm Waterdrip have launched new crypto venture capital funds. Which targets institutional and high net worth private investors from Hong Kong

Hong Kong-based China Pacific Insurance Company (CPIC) has partnered with investment fund Waterdrip Capital to launch two investment funds in Hong Kong. Which are focused on the blockchain and digital assets industry, reports the Chinese publication 36kr.com.

Hong Kong-based Chin Pacific Insurance Investment Management is part of the CPIC group. According to Forbes, the group’s income for the year 2022 exceeded $68 billion. CPIC is the fourth-largest insurance company in China and more than 60% of its shares are owned by government.

Waterdrip Capital is an investment fund specializing in blockchain projects and has already supported more than 45 crypto startups. This includes the blockchain Polkadot and the Web3 infrastructure project MetisDAO.

The companies launched two digital asset funds, Pacific Waterdrip Digital Asset Fund I and Pacific Waterdrip Digital Asset Fund II. The funds will target institutional investors as well as high net worth private investors.

Pacific Waterdrip Digital Asset Fund I will invest in early stage blockchain projects. Pacific Waterdrip Digital Asset Fund II will manage digital assets that can be channeled into staking (cryptocurrencies on the Proof-of-Stake algorithm).

Our experts note that more and more companies are thinking of opening cryptocurrency-related businesses in Hong Kong. According to The Wall Street Journal, more than 20 industrial companies have informed the government of their plans to open branches there. As well as another 80 have expressed interest in doing so.