Zhuhai Fund does well in backing industrial development
As of April 30, Zhuhai Fund has established sub-funds with total scale of 68.57 billion yuan ($10.19 billion), leveraged 54.92 billion yuan ($8.17 billion) in private capital, and promoted the settlement of 99 projects, officials from the Zhuhai Development & Reform Bureau announced on May 19.
Since its establishment in August 2017, Zhuhai Fund has been exploring a new model of utilizing finance to support high-quality economic growth and industrial development. Its angel fund supports start-up enterprises, while the master fund cooperates with outstanding industrial investment institutes to set up sub-funds for introducing projects of key industries to Zhuhai.
Zhuhai Fund has reached cooperation relationships with nearly 30 sub-fund managers, focusing on key industries in the city like advanced manufacturing, integrated circuits, biomedicine and health, as well as new energy. A relatively well-developed layout has been formed in Zhuhai's new energy, IC, as well as biomedicine and health industries, and remarkable outcomes have been achieved in serving Zhuhai's real economy development and industrial upgrading.
Gokin Solar's project [File photo by Zhang Zhou]
For instance, Hengqin-based Gokin Solar finished a 1.6-billion-yuan ($237.85 million) A-round financing in April with the help of Zhuhai Fund. Over 1.5 billion yuan ($223 million) in private capital had been leveraged by Zhuhai Fund, with a 41-million-yuan ($6-million) foundation, which will help the company expand production capacity and achieve rapid development in an effective way.
To date, Zhuhai Fund has benefitted 55 Zhuhai-invested projects and 44 others invested by enterprises outside Zhuhai. In addition, the fund has invested in three local basic infrastructure projects with a 3.7 billion yuan ($550 million) investment already in place, ensuring Zhuhai's infrastructure construction.