FRIDAY, FEBRUARY 5, 1988
MORE DETAILS ON SHIPPING, PORT AND CARGO STATISTICS FOR THE THIRD QUARTER OF 1987 ARE CONTAINED IN THE HONG KONG SHIPPING STATISTICS REPORT FOR JULY TO SEPTEMBER 1987, WHICH IS NOW ON SALE THE GOVERNMENT PUBLICATIONS CENTRE, GENERAL POST OFFICE BUILDING, CONNAUGHT CENTRE, AT $19.50 PER COPY.
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ENQUIRIES ON STATISTICS PROVIDED IN THE REPORT MAY BE DIRECTED TO THE SHIPPING STATISTICS SECTION OF THE CENSUS AND STATISTICS DEPARTMENT ON 5-8234887.
IMPORTANT ROLE OF VENTURE CAPITAL FINANCING HIGHLIGHTED
VENTURE CAPITAL FINANCING CAN PLAY AN IMPORTANT ROLE IN PROVIDING FUNDING TO ENTREPRENEURS WITH BUSINESS EXPERTISE BUT WHO LACK ADEQUATE COLLATERAL TO SECURE CONVENTIONAL CREDIT FACILITIES FROM LENDING INSTITUTIONS, THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID TODAY (FRIDAY).
SPEAKING AT THE LUNCH MEETING OF THE HONG KONG VENTURE CAPITAL ASSOCIATION, MR NENDICK SAID VENTURE CAPITAL COULD ALSO BE A VALUABLE SOURCE OF FUNDS FOR ENTREPRENEURS WHO WISHED ΤΟ EMBARK ON INNOVATIVE PROJECTS WHERE THE INITIAL RISK WAS HIGH BUT THERE WAS A GOOD PROSPECT OF FUTURE REWARD.
MR NENDICK SAID VENTURE CAPITAL WAS A RELATIVELY NEW CONCEPT IN HONG KONG.
HE SAID THAT, TRADITIONALLY, INDIVIDUAL ENTREPRENEURS IN HONG KONG WHO HAD WISHED TO START A NEW BUSINESS OR EXPAND INTO NEW AREAS OF ACTIVITY HAD HAD TO RELY ON THEIR EXISTING CAPITAL RESOURCES.
HE SAID BANKS AND OTHER FINANCIAL INSTITUTIONS WERE GENERALLY NOT EQUIPPED TO PROVIDE FINANCE TO SUCH START-UP OPERATIONS AND THE SECURITIES MARKET, TOO,
WAS ONLY ACCESSIBLE ΤΟ WELL ESTABLISHED COMPANIES.
"THUS A GAP HAS EXISTED IN THE SOURCES OF FINANCING OF BUSINESS VENTURES IN HONG KONG.
"VENTURE CAPITAL FUNDS AIM TO FILL THIS GAP AND FOR THIS REASON I AND MY COLLEAGUES IN GOVERNMENT WELCOME THEIR EMERGENCE IN HONG KONG, HE SAID.
/MR NDNDICK