Beijing launches $4.6b fund to invest in tech innovation: Report

Beijing, China. Photo: zhang kaiyv/unsplash

The government of Beijing has established an RMB 30 billion ($4.6 billion) fund that will invest in high-level technology innovations worldwide, with plans to increase the corpus further to RMB 100 billion ($15 billion) in the future, according to a Xinhua report.

The fund, Sci-Tech Innovation Investment Fund of Fund, will be managed by Beijing Science & Technology Innovation Investment Management set up by the Beijing Municipal Science & Technology Commission.

It will focus on 14 advanced technology sectors such as photoelectric technology, next-generation information technology, nanotechnology, new strategic materials, new energy, biopharmaceuticals, intelligent manufacturing, modern agriculture, and transportation.

The fund will also invest in energy conservation and environmental protection, brain cognition and brain-inspired intelligence, quantum computation and communication, big data and artificial intelligence.

According to a Yicai report, the fund will be distributed at a ratio of 5:3:2 for projects at three phases of development, namely original innovation, results applications, and advanced industries.

According to reports, Beijing Government Guidance Fund will invest Rmb12 billion ($1.3 billion) to the fund while Zhongguancun Development Group, Beijing Capital Technology Development Group, Beijing State-owned Capital Management Center, and Beijing E-Town International Investment & Development will each contribute Rmb1.95 billion ($298 million).

Beijing Science & Technology Innovation Investment Management will contribute Rmb200 million ($30.6 million).

Chinese banks Bank of Beijing, Huaxia Bank, and Beijing Rural Commercial Bank will contribute Rmb5 billion ($765 million), Rmb2 billion ($306 million), and Rmb3 billion ($459 million), respectively.

Yang Li, general manager of Beijing Science & Technology Innovation Investment Management Ltd, was quoted as saying that the fund’s single investment size will not be more than Rmb500 million ($76.5 million) and that the duration of the sub-fund will be about 15 years, including six years of investment and nine-year of exit period.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.