Beijing City Govt to raise 10 billion yuan ($1.5 billion) from prospective investors

Beijing city government to raise 10 billion yuan ($1.5 billion) from prospective investors

It was planned by Beijing’s civil State-owned Assets Supervision and Administration Commission (SASAC)




HONG KONG (Reuters) – A venture firm supported by the Beijing city government is in discussion with imminent investors to raise more than 10 billion yuan ($1.5 billion) in its first fund pointed principally at forefront tech ventures, said two individuals with direct knowledge.

Beijing Innovation Industry Investment Co’s raising money move underscores the Chinese capital city’s push to make up with different urban areas in the nation, most remarkably Shenzhen, in seeking after technology and industrial upgrading developments.

It comes as China plans to accelerate improvement of its technology part, including sections like semiconductors and artificial intelligence, in focus of a aggressive trade remain off with the United States that has exhibited the nation’s dependence on imported technology.

China’s State Council in 2016 endorsed a 200 billion yuan funding store here, financed by state controlled elements, to put resources into new innovations. Beijing Innovation couldn’t be quickly gone after remark.

It was planning by Beijing’s civil State-owned Assets Supervision and Administration Commission (SASAC), which regulates the city’s state-owned undertakings, and has been entrusted with making interests in new-economy segments in the interest of the local government.

Beijing Invention has pulled in the neighbourhood SASAC and a few local government-sponsored organizations like Shenzhen Capital Group, the venture investment vehicle of the Shenzhen government, as financial specialists, as indicated by household media reports and open corporate vault filings. It will search for direct-value venture openings in divisions running from data innovation and incorporated circuits to electric vehicles and new materials, as indicated by household media reports.

As a noteworthy tech center point in China, Beijing, where ByteDance Technology, one of the world’s most significant new businesses, online sustenance conveyance to-ticketing administrations firm Meituan Dianping and web based business firm are headquartered, has for a considerable length of time did not have a merged venture arm under the neighborhood government for tech bargains.

Conversely, Shenzhen which has reproduced organizations, for example, internet gaming-to-web-based social networking mammoth Tencent Holdings, telecoms gear creator Huawei Technologies and automaton producer DJI, has Shenzhen Capital Group putting resources into the tech part for a long time.

Shenzhen Capital Group has more than 333 billion yuan of advantages under administration, its site shows, and holds a 15 percent stake in Beijing Innovation, as indicated by open exposures.

Reported by Julie Zhu and Kane Wu; Editing by Muralikumar Anantharaman

Source: Reuters

– TFM Watch

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