(Yicai) May 29 -- Industrial park operator Lingang Economic Development Group has established Lingang Innovation Investment & Development to develop the hard tech industrial ecosystem and improve relevant investment in Lingang Special Area, a key testing ground for economic and trade policies within the Shanghai Free Trade Zone.

Lingang Investment, launched yesterday, has signed deals with state-owned investment platforms, leading industrial firms, and science and innovation institutions to co-build the hard tech industrial ecosystem and strengthen such investment in the area. It will also buy into startups focused on emerging industries and foster a sound environment for project investment, financing, and incubation in the process.

The assets under management of Lingang Investment are planned to exceed CNY15 billion (USD2.1 billion) by 2030, including new investments of more than CNY8 billion (USD1.1 billion)

Lingang Investment has built a pipeline of 60 to 70 high-growth projects during the preparation phase, covering biomedicine, artificial intelligence, integrated circuits, and other sectors, Chairman and General Manager Zhang Jianyong said at the launch ceremony. It will also debut Lingang Economic Development's first industrial direct investment fund for parks with an initial scale of CNY1 billion, he added.

Lingang Investment will serve as the core platform for Lingang Economic Development's equity investment business, Zhang said, noting that it will focus on Shanghai's three leading industries and six future industries, as well as build a full-life-cycle investment service system for invested firms.

Rather than conducting pure financial investment, Lingang Investment will act as a key driver for Lingang Economic Development to cultivate industrial and innovation ecosystems, he pointed out.

Shanghai's three leading industries are integrated circuits, biomedicine, and AI, while its six priority future industries are: advanced next-generation manufacturing; new-gen communication and quantum tech; new-type semiconductors and functional materials; new energy sources such as hydrogen energy, energy storage, and nuclear energy; aerospace, low-altitude economy, and deep-sea exploration; and cutting-edge medical and life science tech.

The establishment of Lingang Investment marks a major strategic shift of Lingang Economic Development from a "landlord" to an "industrial partner" mindset, noted Weng Kaining, president of the parent firm.

Lingang Investment will function as a strategic investor, cooperating with municipal-level large funds and local government funds, Weng said. It will align the financing needs of leading companies and key supply chain projects with the industrial development goals of the parks to accelerate the landing and operation of local high-caliber projects, Wang added.

Editors: Tang Shihua, Martin Kadiev