Shanghai launches 3rd phase of innovation fund in Changning
2025/01/15
The Shanghai Science and Technology Innovation Fund recently signed a cooperation agreement with new and existing investors for the third phase of the fund, targeting a scale of 6 to 8 billion yuan (US$818.55 million to 1.09 billion), to be established in Changning District.
Established in 2017 by the Shanghai International Group, the Shanghai Science and Technology Innovation Fund is the first market-oriented parent fund in China dedicated to supporting the development of Shanghai as a science and technology innovation center.
Its investors include Shanghai International Group, Shanghai International Port Group, Changning State-owned Assets Management and Investment, Shanghai Trust, and J-Yuan Trust.
The third phase of the fund aims to further strengthen the guiding role and leverage effect of state-owned capital, promote deep integration of finance and industry, and explore and expand a model of science and technology innovation ecosystem development with demonstrative and leading effects, thereby contributing more significantly to the construction of Shanghai as a science and technology innovation center.
At the same time, the Changning District People's Government and Shanghai International Group signed a strategic cooperation framework agreement. Both parties will focus on deepening cooperation in state-owned assets and enterprise reform, attracting clusters of industries such as artificial intelligence, life sciences, and financial services.
They will jointly promote the establishment and operation of the third phase fund, guiding high-quality sub-funds and projects to settle in Changning and further promoting the deep integration of regional technology and economy.
Changning State-owned Assets Company will take the opportunity of investing in the third phase of the fund to further enhance investment attraction efforts for state-owned enterprises. It will focus on strengthening the upstream and downstream industrial chain in the technology innovation sector, striving to attract more high-quality enterprises to settle in Changning.