Projects and Facilities Committee, Audit Committee, as well as Senior Staff Administration Committee. Investment Committee and two subsidiary companies namely were set up in 2015. Investment Committee and two subsidiary companies, namely STP Corporate Venture Limited and STP Asset Holding Limited were set up in 2015. The two subsidiary companies are the investment holding companies of the Corporate Venture Fund. They are responsible for the administering of the Fund and reporting to the Finance and Administrative Committee regularly. The Investment Committee supervises the work of Corporate Venture Fund and approves its investment and divestment decisions. Finance The Hong Kong Government is the sole shareholder of HKSTP. The Financial Secretary may inject equity into the authorized capital of HKSTP by publishing in the Gazette. At the same time, HKSTP may issue its share to the Government. HKSTP says it will operate according to "prudent commercial principles". There plan is for the Hong Kong Government to not need to continually fund the HKSTP. HKSTP plans to send annual financial reports to the Secretary. The Secretary in turn sends a copy of the financial report to the Legislative Council (LegCo). In March 2018, Paul Chan Mo-po announced HK$40 billion funding for the science park, including HK$20 billion for building in the Lok Ma Chau Loop the first phase of the Hong Kong-Shenzhen Innovation and Technology Park, owned by HKSTP; and HK$10 billion allocated to the park for supporting its tenants and building infrastructure and facilities. In October 2018, HKSTP announced the launch of first phase of roll-outs utilising the HK$10 billion funding support provided by the HKSAR Government. Financial position of HKSTP on 31 March 2018 Projects Current projects HKSTP currently manages and operates the following: Hong Kong Science Park Three Industrial Estates (including Tai Po, Tseung Kwan O and Yuen Long Industrial Estate) InnoCentre HKSTP has also held a number of incubation programmes. Corporate Venture Fund is announced by the Financial Secretary in 2015-16 Budget Speech. Comments HKSTP has faced criticism that the development of Hong Kong Science Park is a white elephant. Legislative councillor Lam Tai-fai stated that the cost of the first stage and second stage of construction of the Park were 2.9 billion and 3.8 billion respectively, but the third stage was 4.8 billion. He cast doubt over the soaring construction cost of the Park. Another councillor Regina Ip argued that HKSTP had prioritised the outlook of the infrastructure