The success of the government’s Hong Kong Investment Corporation (HKIC) in establishing an ecosystem for start-ups to raise funds has put a damper on the Christmas plans for employees of some local venture capital (VC) firms. “After partnering with the HKIC, the number of deals we are working on this year has tripled compared to last year,” said David Chang, founder and CEO of leading VC firm MindWorks. He added that 2025 was one of the busiest years for the firm since its establishment 11 years...