China has launched three venture capital funds to invest in “hard technology” areas, Reuters reported, citing state broadcaster CCTV.
The plans for capital contribution in the funds have been finalized, each with over 50B yuan (about $7.14B), the report added.
The funds will mainly invest in early-stage startups, and the targets should be valued at less than 500M yuan, an official noted, adding that no single investment would amount to over 50M yuan, according to the report.
The funds’ anticipated targets include companies focused on integrated circuits, quantum technology, biomedicine, brain-computer interfaces, aerospace, and other important hard technologies. “Soft” technologies would include internet services, the report added.