According to Jiemian News, Shenzhen's State-owned Assets Supervision and Administration Commission (SASAC) announced plans to establish a 50 billion yuan (approximately $6.9 billion USD) state-owned capital fund focused on cutting-edge technologies such as artificial intelligence and robotics.
The plan outlines Shenzhen's state-owned enterprises actively building a technological innovation fund network encompassing a "20+8" full industrial chain, aligning with the city's government's strategic goals. This fund will provide financial support to tech companies at all stages of development, from seed and angel rounds to Series A, B, C, and even IPOs.
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The implementation plan involves visiting at least 10,000 startups, aiming to advance at least 1,000 to the project initiation and due diligence phase. The initiative will provide at least 10 billion yuan (approximately $1.4 billion USD) in venture capital to support technological innovation enterprises in strategic emerging and future industries. Furthermore, the fund's lifespan for innovation and entrepreneurship projects will be extended to a maximum of 15 years, boosting investor confidence and encouraging bolder, long-term investments.
