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October 15, 2016

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Joint VC fund for new materials formed

A 400 million yuan (US$59 million) venture capital fund was launched yesterday by Shanghai’s Baoshan district government in conjunction with General Electric, Samsung and Sabic to support startup companies set up by expats.

The fund, the city’s first venture capital fund jointly set up by the local government and multinational enterprises, will invest in the development and applications of new materials, especially graphene which is the thinnest material known, the district government said.

The fund seeks to draw global professionals and the world’s leading graphene-related projects to Baoshan to create a major research hub to develop the material that scientists say could transform consumer electronics, said Fan Shaojun, governor of the district.

Baoshan aims to lure at least 10,000 innovative and startup firms by the end of the year to set up in an area along seven stations of Metro Line 1 between Gongkang and Fujin stations.

New materials is one of Shanghai’s strategic areas in its industrial development through 2020, said Xu Ziqi, vice director of Shanghai Economy and Information Technology Development Commission.


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