Developer of Shanghai FTZ's Lin-Gang Area to Form USD550 Million Innovation Fund
Liao Shumin
DATE:  Jan 22 2020
/ SOURCE:  yicai
Developer of Shanghai FTZ's Lin-Gang Area to Form USD550 Million Innovation Fund Developer of Shanghai FTZ's Lin-Gang Area to Form USD550 Million Innovation Fund

(Yicai Global) Jan. 22 -- A unit under and the controlling shareholder of Shanghai Lingang Holdings plan to set up a CNY3.8 billion (USD550 million) equity fund to help boost development of Lin-gang Special Area in the Shanghai Free Trade Zone.

The fund will pump cash into the construction of the Shanghai Science and Technology Innovation Center and otherwise focus on innovative tech, transforming traditional industries and developing strategic emerging sectors, Shanghai Lingang Holdings said in a statement yesterday. The fund is still in the planning stages and needs to register with the Asset Management Association of China.

Shanghai Lingang Economic Development Group Investment Management, the firm's subsidiary, will invest CNY250 million (USD36.2 million) for a 6.6 percent share as a limited partner, and pay another CNY1.3 million (USD188,000) for a 5 percent stake as a general partner. The holding company's parent Shanghai Lingang Economic Development Group Asset Management will take a 6.6 percent stake as a limited partner.

Other participants in the fund include Beijing Zoomlion Industrial Investment Fund, Tianjin Municipal Investment, Guangdong Puzhou Electric Technology, Shanghai Construction Engineering Group Investment, Oriental International Group Shanghai Investment, Tianjin Bohai State-owned Assets Management, and Anhui Railway Development Fund.

The new sci-tech innovation center is expected to become the first choice for foreign innovation and research and development projects in the Yangtze River Delta region, its general manager, Qu Lin, said in December. It is also seen as a key support for the region's businesses to go overseas, cross-border technology trade, and research work between industry and universities, Qu added.

Editor: James Boynton

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Keywords:   Shanghai Lingang Holdings,Lingang New Area,Shanghai FTZ