China Aerospace Science and Technology leads $21b fund to invest in new technologies

Images Of Chinese Yuan Banknotes. Photo: Reuters

State-owned China Aerospace Science and Technology Corporation (CASC) has teamed up with other government-owned companies for a 150 billion yuan ($21.78 billion) fund to invest in new technologies, the official Xinhua news agency said on Tuesday.

China has been encouraging its industrial firms to rise up the value chain through technical innovation and tougher efficiency standards, with the aim of creating globally competitive conglomerates.

China’s state council in August approved a 200 billion yuan venture capital fund, financed by state controlled entities, to invest in new technologies.

The fund announced by CASC on Tuesday would invest in “emerging strategic industries” such as 3D printing, aerospace, clean energy, high-speed rail, quantum communication and robotics, Xinhua said.

Its other backers include CRRC, Industrial and Commercial Bank of China, Postal Saving Bank of China, Shanghai Pudong Development Bank and the Beijing municipal government.

CASC is a state-owned company that develops and launches rockets, satellites, manned spacecraft and space stations as well as strategic missiles and other weapons.

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Reuters

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.