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Tech capital fund set up
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SHANGHAI has set up an equity investment fund to help tech startups promote scientific and technological innovation.
The Shanghai Science and Technology Innovation Fund was launched on Saturday by state-owned cornerstone investors, including Shanghai International Group, Shanghai Guosheng Group, Shanghai International Trust, Shanghai International Port Group and Shanghai Zhangjiang High-Tech Development.
It targets to manage 30 billion yuan (US$4.6 billion), with the initial round of fundraising reaching 6.52 billion yuan.
The fund will invest in sub-funds and tech firms in the startup and growing stages in the information technology, bio-medicine, advanced manufacturing and new-energy sectors.
Sub-funds will get 80 percent of the fund, and tech firms will get 20 percent invested directly. The fund will also work with giant funds, investing groups and incubators both from home and abroad to conduct mergers and acquisitions worldwide.
Zheng Yang, director of Shanghai Financial Service Office, said the fund is a move the city made to take advantage of its financial resources to support the real economy and build itself into a science and technology innovation center.
The fund has signed letters of intent to cooperate on several projects, including artificial intelligence and bio-medicine.
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