Shanghai Stated-owned Capital Investment Company will lead the establishment of this fund, mainly to support major national and municipal strategies, state-owned assets layout, state-owned company’s reform and innovative development, as well as to structure optimization and adjustment.
Total registered capital of the new fund company will be RMB18.51bn ($2.6bn).
SIPG is actively supporting Beijing and Shanghai’s strategies by setting up this fund company, which is in line with SIPG’s diversified development targets in recently years, and is a crucial move to accomplish state-owned capital’s layout, commented SIPG.
The fund will focus on investments in pilot and leading industries including artificial intelligence, high-end equipment manufacturing, communication, new materials and digital industries.
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