Hong Kong family office Tsangs Group has deepened its commitment to technology investments and business exchange with the Middle East through a partnership with DeepRock Group, which was established by Chinese developer Vanke Group's founder Wang Shi.
It will curate business and investment delegations’ exchanges between mainland China and the Middle East and promote Hong Kong as a hub for technology and innovation, while focusing on sustainability and digitalisation.
“One of the pillars of the COP28 Presidency’s Action Agenda is fixing climate finance. Tsangs Group, as a family office, sees these tasks to remove the roadblocks as an opportunity to invest in the private sector to maximise value,” said Andre Kwok, chief of staff at Tsangs Group.
“We at Tsangs Group regard [COP28 being held in a major oil producing country] as an opportunity because we believe climate change can only be tackled if all parties work together,” Kwok told AsianInvestor.
The partnership was signed in early December during the 28th United Nations Climate Change Conference, popularly known as COP28, in Dubai.
Shenzhen-headquartered DeepRock Group was founded in 2017.
It focuses on providing carbon-neutral solutions, sports and health education and training, and financial investment.
“We will continue to spot hopeful high-growth companies eager to bank on the rise of artificial intelligence, robotics, smart city tech, food tech, renewable energy and technology, e-commerce, the internet of things, and blockchain, as our family office has always focused on the good for future generations, amid BRI (Belt and Road Initiative) and beyond,” said Patrick Tsang, chairman of Tsangs Group.
Upon the collaboration with DeepRock, discussions are currently underway with the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) to build an incubation and acceleration pipeline, which will provide technology companies with access to venture capital firms, impact investors, family offices, as well as connections to the Middle East and Southeast Asia.
"Climate change can only be addressed through global partnerships. Our forward-moving partnership will pave the way for the merger of sustainability and digitalisation, the synthesis of the future,” Wang said in a press release.
Wang is also the UN Environment Goodwill Ambassador and president of WWF China.
Meanwhile, shortly after the COP28, Tsangs Group's strategic advisory firm Bridge ME also signed a partnership with Green Monday Holdings, a Hong Kong-headquartered plant-based food company, to help the company expand into the Middle East and North Africa (MENA) markets, leveraging Tsangs Group’s network.
During COP28, Tsangs Group’s networking platform Hong Kong Ambassadors Club hosted a Hong Kong Climate Day, in partnership with DeepRock Group, to showcase Hong Kong’s technology entrepreneurship and advantages as a green finance center, including introducing Green Monday to a group of international investors.