Shanghai SASAC, CCB and Bank of Shanghai Form the Pudong Science and Technology Innovation Fund
Posted on 10/11/2019
The Shanghai State-Owned Assets Supervision and Administration Commission, China Construction Bank, and the Bank of Shanghai launched a new fund called the Pudong Science and Technology Innovation Fund. This fund seeks to form a slew of industry sub-funds worth a total of 20 billion RMB for investments in integrated circuits, smart manufacturing, aviation and aerospace, medicine innovation, autonomous vehicles, and data analytics.
Shanghai Zhangjiang Group and a number of companies in Shanghai are assisting in the capital raising for the various sub-funds. The STAR Market experienced 64 new company listing as of September 2019 to the middle of October 2019. The STAR Market is China’s new Nasdaq-style technology board.