China launches venture capital funds to invest in 'hard technology' – report
China launches three venture capital funds, each over $7 billion, to invest in early-stage startups in hard technology sectors like quantum tech, biomedicine, and aerospace.
China launches three $7B venture funds to back early-stage “hard tech” startups in areas like quantum, biomedicine, and aerospace.
China launches three $7B venture funds to back early-stage “hard tech” startups in areas like quantum, biomedicine, and aerospace.
China on Friday launched three venture capital funds to invest in "hard technology" areas, state broadcaster CCTV reported.
The capital contribution plans for the funds have been finalised, each with more than 50 billion yuan ($7.14 billion), according to the report.
The funds will primarily invest in early-stage startups and the targets should be valued at less than 500 million yuan, an official said on Friday, adding that no single investment would amount to more than 50 million yuan.
The funds' expected targets include firms focused on integrated circuits, quantum technology, biomedicine, brain-computer interfaces, aerospace and other key hard technologies. "Soft" technologies would include internet services.
-Beijing newsroom/Reuters
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