On 24 January 2020, the Ministry of Science and Technology officially announced the establishment of six new Venture Capital sub-funds, under the National Fund for Technology Transfer and Commercialisation. The six sub-funds will have a scale of 5.87 billion RMB, around one-third of which to be allocated by the central government’s finance.
|VC Sub-fund name
|BaiYin Kejian Innovation VC Fund Limited Partnership
|Gansu province||911 million||New materials, green technologies, advanced manufacturing||BaiYin Kejian Innovation Fund Management Co., Ltd
|Weifang ZhongKe HaiChuang Equity Investment Limited Partnership
|Shandong province||2 billion||Advanced manufacturing, ICT, medical technologies||HaiChuang Tiancheng (Guangzhou) Equity Investment Fund Management Co., Ltd
|Ningbo ZhiEr VC Limited Partnership
|Zhejiang province||1.06 billion||Biomedical technologies, ICT||Shanghai HaoShuo Investment Management Co., Ltd
|Guangdong Publics KaiDe Technology VC Limited Partnership
|Guangdong province||1 billion||New materials, advanced technologies, ICT||Guangdong Publics Venture Capital Management Co., Ltd
|Beijing JinKe HuiSheng VC Limited Partnership
|Beijing||525 million||Advanced manufacturing, ICT, biomedical technologies||Beijing JinKeJun Venture Capital Management Co., Ltd
|Ivy Capital (Changzhou) Equity Investment Fund Limited Partnership
|Jiangsu province||372 million||ICT, advanced manufacturing||Shanghai Ivy Capital Investment Co., Ltd
Note: contact details are provided in the original announcement from MOST (see link below).
Selected through public bidding to MOST and MOF, VC sub-funds are the main medium through which the National Fund for Technology Transfer and Commercialisation (NFTTC) operates. Belonging to the fourth pillar of the national funding system (i.e. the Technology Innovation Guiding Fund), the NFTTC Fund supports the transfer and commercialisation of scientific results achieved under national and local government funding projects. At least 50% of the total investments should be done in enterprises legally registered in mainland China and which focus on the commercialisation of results included in the National S&T Achievement Database. Other means of support of the NFTTC Fund include credit risk compensations to banks issuing loans to tech start-ups; and performance awards.
A total of 20 VC sub-funds have been established since the creation of the NFTTC Fund in 2015, reaching a scale of 31 billion RMB (around one-fourth of the sub-funds’ capital comes from the central government). These are selected through public bidding to MOST and MOF, are registered as limited partnerships, and managed by a professional managing firm.
A detailed list of all the sub-funds established, including of their shareholders and daily management firm (and in some cases contact details), as well as of opportunities for international actors, is included in the corresponding factsheet on this website, and in chapter chapter 5.2 of the Guide for EU stakeholders on Chinese national STI funding available at this link.