Guangzhou Jinkong Fund, a subsidiary of state-owned Guangzhou Finance Holdings, has launched a new fund with the Chinese Academy of Sciences (CAS) with a focus on science and technology Investments，according to an announcement.
The collaboration agreement was signed by the Guangzhou municipal government and the Chinese Academy of Sciences, China’s top state research institution. It is the latest effort in realizing Beijing’s vision of building the Greater Bay Area into an International science and technology innovation center.
The new fund has been launched with RMB300 million (US$43.24 million) in seed capital to invest in intelligent manufacturing, new energy materials, as well as energy saving and environmental protection projects. It will be managed by Guangzhou Jinkong Fund and targets to raise RMB1 billion (US$144 million) in total.
Based in Guangzhou, the fund aims to commercialize scientific and technological research coming out of the Chinese Academy of Sciences in Guangzhou, making Guangzhou a testing ground for turning research into commercial successes. It also hopes to cultivate innovative and collaborative projects in the Guangdong-Hong Kong-Macau Greater Bay Area.
Guangzhou Jinkong Fund, with RMB410 million (US$59.10 million) under management, is an investment platform with a focus on regional emerging industries, such as TMT, medical health, energy conservation, environmental protection and intelligent manufacturing.
Founded in 2006 and with a registered capital of RMB6.37 billion (US$920 million), Guangzhou Finance Holdings is a financial platform rolled out by the Guangzhou municipal government to integrate and guide the city’s financial industry.
Guangzhou City, CAS Launch $144M Fund To Invest In Science and Technology Projects In Greater Bay Area appeared first on China Money Network.