(Yicai Global) April 25 -- A Chinese unit of US private equity fund SOSV may become the first foreign-funded equity investment institution in the southernmost province of Hainan.
SOSV's Sanya unit has filed its company registration documents, Hainan Daily reported today.
The firm will invest in local startups engaged in software and smart mobile hardware to support the development of Hainanese innovative enterprises with global influence.
One of the reasons for SOSV to engage is the island province's open and innovative business environment, a person in charge at the New Jersey-headquartered company said to Yicai Global. The province has good prospects for the construction of a free trade zone and free trade port, the person added.
Founded in 1995, SOSV has six early-stage accelerator projects, including Chinaccelerator in Shanghai, that has invested in over 110 firms, public information shows.
Hainan will continue to boost institutional innovation, formulating management measures for foreign-funded equity investment institutions and making greater breakthroughs in the sector, an official from the province's Department of Commerce told Hainan Daily.
Editor: Emmi Laine