Beijing government backed investment firm to raise RMB 10 billion for new tech fund
Feb 27, 2019 (China Knowledge) - Beijing Innovation Industry Investment Co., an investment firm backed by the Beijing city government is currently in talks with prospective investors to raise more than RMB 10 billion for its first fund aimed at making investments into high-tech companies.
The new fund comes as Beijing is looking to catch up with other cities in the country such as Shenzhen in terms of its technological capabilities through investing in innovative technologies and industrial upgrading projects.
The investment firm which is managed by the Beijing municipal State-owned Assets Supervision and Administration Commission has now been tasked with making investments in sectors the government wants to pursue such as artificial intelligence and semiconductors to complement the country’s push towards becoming a technological powerhouse.
The company will be looking to make direct-equity investments in sectors such as information technology, integrated circuits and electric vehicles and has attracted interest from several local government-backed companies.
Beijing which is also a major tech hub in China and acts as a base of operations for many innovative, hi-tech companies such as Bytedance, Meituan-Dianping and JD.com has previously lacked a consolidated investment arm under the local government for tech deals and the new fund will help to create such a platform moving forward.
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