Financial firms are increasing their investments and stepping up their support for local startups to spur innovation and make Shanghai a global digital hub, the Shanghai Daily has learned.
Shanghai restructured city-level technology investment entity SVTC Group in Pudong New Area with a fund of 120 billion yuan ($ 18.8 billion). The group has invested in 360 companies, 51 of which are listed on the Shanghai STAR Market.
Minhang District, home to strategic industries such as integrated circuits, advanced manufacturing and healthcare, will launch new investment support policies with 20 lines covering 10 categories.
It will encourage financial companies, including banks, securities firms and private equity / venture capital firms, to invest in small and medium-sized enterprises and support them until the introduction stage. on the stock market, said Li Jun, director of the Minhang District Finance Bureau.
The district has set up government-backed investment funds with a total volume of over 6.2 billion yuan since 2010, triggering a total investment of 127 billion yuan, local officials said.
Minhang aims to become an investment and financing center in the Yangtze River Delta region, Li added.
With government strategies and support from the financial sector, high-tech investments accounted for 30% of the top 100 investments in China in 2021, up from 10% several years ago, said Wang Yunfan, chief executive of Morning Whistle, a investment consulting firm.
Shanghai Rural Commercial Bank (SRCB) set up a special team for high-tech investment and lending services in July to help local startups grow, said Liang Qing, general manager of the high-tech lending department. SRCB investments.