 "China’s government establishes $30 billion VC fund: Report")
Is China’s venture capital (VC) market about to get a major new player? According to China’s Economic Observer, insiders say that the government has approved the establishment of a state-owned $30 billion VC fund in Shenzhen.
According to the report, the fund will launch with an initial sum of $15 billion, but a planned increase will raise that total to $30 billion eventually. The company was supposedly registered on August 8 – an auspicious day because the number eight is considered good luck in China – and the official announcement was supposed to come on August 18.
One of the fund’s reported goals is to fund technological innovation, which suggests a good chunk of that $30 billion could find its way into China’s tech market.
If this report proves true, the new fund will be only a small part of China’s state-owned VC funding, though. Another state-owned VC fund already has over $300 billion to throw at start-ups, and of course the state has a stake in myriad other companies and funds that can be used for venture investment.
This is an article from Tech in Asia. You can read the original here
This is an article from Tech in Asia. You can read the original here
