SW China's Chengdu to set up 11 industrial sub-funds, expecting to raise $1 billion

CHENGDU, China, Dec. 15, 2019 /CNW/ -- On Thursday, the 2019 Western China Capital Innovation Summit, guided by Chengdu Municipal Financial Regulatory Bureau and hosted by Chengdu Media Group and organized by National Business Daily, was held at Tianfu International Fund Town in southwest China's Chengdu.

Noticeably, a signing ceremony of management organizations for the sub-funds of the city's "5+5+1" industry fund was unveiled at the summit. The "5+5+1" fund is set up to guide and boost development of advanced manufacturing, modern services, and new economy industries.

A subsidiary engaging in industrial fund management under Chengdu Jiaozi Financial Holding Group Co Ltd entered into agreements, respectively, with 11 fund management institutions including Shanghai SIIC Fund Management Co Ltd, Shanghai Stone Capital Co Ltd, a subsidiary for talent investment fund management under Shenzhen HTI Group Co Ltd, Shenzhen GTJA Investment Group Co Ltd, Founder H Fund Co Ltd as well as Chengdu Innovation Venture Capital Co Ltd.

According to the agreements, 11 sub-funds for developing industries within the "5+5+1" frame will be established, with the goal to raise about 8 billion yuan (1.1 billion U.S. dollars).

SOURCE NATIONAL BUSINESS DAILY