5 new VCs set for emerging sectors
By Richard Fu |
August 22, 2012, Wednesday
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Print Edition
Print Edition
FIVE new venture capital funds worth a total of 1.86 billion yuan (US$293 million) were set up in Shanghai yesterday as part of a government-backed plan to invest in emerging industries such as information technology and renewable energy.
The central government has injected 50 million yuan into each of the funds, said a statement yesterday after a launch event. The five funds won regulatory approval in June. This is part of government effort to spur investment in the emerging sectors that also include biology and advanced materials industries. Shanghai had earlier set up another five similar venture capital funds.
The central government has injected 50 million yuan into each of the funds, said a statement yesterday after a launch event. The five funds won regulatory approval in June. This is part of government effort to spur investment in the emerging sectors that also include biology and advanced materials industries. Shanghai had earlier set up another five similar venture capital funds.
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