(Yicai Global) Nov. 17 -- Chinese venture capital firm Hillhouse Capital Group and the district government of Xishan in Wuxi, Jiangsu province will set up a CNY5 billion (USD783.5 million) venture capital fund to invest in fields such as biotechnology, carbon neutrality and manufacturing, The Paper reported.

The agreement includes establishing a Hillhouse Deep Technology Innovation Center in Xishan, which will assist in the incubation of technology entrepreneurship programs and further cultivation of tech startups, the report said today.

Hillhouse Capital will work with universities, research institutions and tech firms to help develop hard-technology entrepreneurial projects, the Beijing-based company said.

Hard technologies are key core technologies that have high technical thresholds and clear application scenarios, and that can play a major supporting role in economic and social development.

Hillhouse Capital established Gaoling Tianjin Venture Capital in early 2020, and it has invested in 200 projects so far.

Editor: Tom Litting