Shanghai’s Huangpu district plans to launch investment fund to support local tech firms

The yuan-denominated fund will be set up and operated by an investment organisation affiliated with the Huangpu government, an official said

Huangpu authorities have shortlisted 187 fintech, AI and biotech firms that they believe have high growth potential

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The Huangpu River runs across Shanghai. The local Huangpu district plan to launch a fund to support promising technology companies. Photo: Getty Images

Published: 2:00pm, 1 Jul 2023

The government of Huangpu district, which forms part of Shanghai’s urban core, plans to launch an investment fund to support promising technology firms based in its 20.5 sq km area.

The fund, to be set up and run by an investment organisation affiliated with the local government, will become operational in the next 12 months, according to Xu Weipeng, a senior official with Huangpu Science and Technology Commission.

He did not reveal the targeted size of the fund, but said that it would focus on a wide range of technology businesses from start-ups to listed firms.

“Huangpu [district] has an edge in the finance sector, which can be tapped to spur promising technology companies,” Xu told the Post on Thursday. “The fund will be operated [in line] with international practices.”

The government of Huangpu district plans to launch a yuan-denominated fund. Photo: Reuters

The yuan-denominated fund will be backed by a select number of partners on the mainland.

Huangpu, located on the west bank of its namesake river, is home to a clutch of financial institutions including China Pacific Insurance and Haitong Securities.