SHANGHAI, Sept. 24 (Xinhua) -- Shanghai has set up an equity investment fund to help support tech startups to promote scientific and technological innovation.
The Shanghai science and technology innovation fund was launched Saturday by state-owned cornerstone investors including Shanghai International Group, Shanghai Guosheng Group, Shanghai International Trust, Shanghai International Port Group and Shanghai Zhangjiang Hi-tech Development.
It targets to manage 30 billion yuan (4.6 billion U.S. dollars), with the initial round of fund-raising reaching 6.52 billion yuan.
The fund will invest in sub-funds and tech firms in the startup and growing stages in the sectors of information technology, bio-medicine, advanced manufacturing and new energy.
Eighty percent will be invested in sub funds and 20 percent be invested directly in tech firms. 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 Shanghai made to take advantage of its financial resources to support the real economy and to build itself into a science and technology innovation center.
On Saturday, the fund signed letters of intent for strategic cooperation on several investment projects including artificial intelligence and bio-medicine.