Chinese state-owned investment firm launches $2.8b fund

Shenzhen, Guangdong, China. Photo: Bill Xi/unsplash

Technology Financial Group, an investment vehicle of the Guangdong provincial government, has launched a fund with a target of 20 billion yuan ($2.8 billion) that will focus on investments in the country’s Greater Bay Area.

The fund, dubbed Strategic New Economy Industrial Development Fund of Guangdong Province, was officially registered on April 1. It has so far secured 3 billion yuan ($427 million) in initial commitments, the state-owned investment firm said. It did not disclose any investor names. 

Technology Financial will team up with a group of state-owned investors such as clean energy group China General Nuclear Power Corporation, Guangzhou Port Group, and China Telecom to launch sub-funds focused on energy, tourism, maritime, big data and blockchain, among others. 

Additionally, the investment firm will partner with top enterprises and institutes such as technology giant Huawei, theme parks developer OCT and the Chinese Academy of Sciences. 

The fund comes at a time when the local government is sharpening focus on nurturing the new economy ecosystem in the Shenzhen and Greater Bay Area, an integrated economic and tech innovation hub that consists of Guangdong, Hong Kong, Macau and nine other cities. 

Set up in 1992 by state-owned Assets Supervision and Administration Commission of Guangdong Province, Technology Financial operates as a venture capital institution offering services including asset management and investment services. 

Seeking to fuel technology and innovation-driven enterprises in the province, the Guangzhou-headquartered Technology Financial said it supported more than 60 companies and managed nine government-led funds as of 2018. Currently, the group has an aggregate of 36.6 billion yuan ($5.2 billion) in assets under management. 

Apart from the latest fund, Technology Financial plans to set up three other billion yuan funds to accelerate technology innovations across the region. 

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.