(Yicai Global) Sept. 12 -- The operator of Shanghai's Zhangjiang Hi-Tech Park, one of China's first state-level high-tech zones, will establish a maximum CNY2.5 billion (USD351.6 million) high-tech investment fund, focusing on fields such as chips, biomedicine, and intelligent manufacturing.
Zhangjiang Hi-Tech Park Development will contribute CNY500 million (USD70.3 million) in cash, while Pudong Sci-Tech Innovation Investment Fund Partnership and Pudong Road & Bridge Construction will each invest CNY500 million, the eastern industrial park operator said in a statement yesterday.
A newly established joint venture, in which Zhangjiang Hi-Tech Park Development has a 49 percent stake, will serve as the fund's general partner and manager. The estimated commitment period is four years and the post-commitment period is three, and the manager may extend the term of the fund by two years.
The goal is to give full play to state-owned cornerstone investors and leverage all parties' advantages to improve target companies' operational capacities, the statement added.
Editor: Emmi Laine