This document discusses informal investors (also known as business angels) who provide capital to startup businesses. It compares informal investors in Hong Kong and Shenzhen. Informal investors in Hong Kong tend to be less educated and invest smaller amounts than those in Shenzhen, who are generally university-educated and wealthier. Most informal investors in both areas have full-time jobs and invest in consumer-oriented industries. The document provides suggestions to increase informal investment, such as improving legal protections and encouraging investment in new industries.