(Yicai) Nov. 26 — A fund beneath Singapore’s Hong Leong Group has entered into an settlement with China’s state-backed Shanghai Sci-Tech Innovation Center Capital to inject CNY500 million (USD70.6 million) into the Shanghai expertise sector.
Hong Leong Star River will make investments in the Shanghai Sci-Tech Innovation Center’s Phase III Fund by means of a professional international restricted accomplice construction to help Shanghai’s transformation into a world innovation and expertise middle, Shanghai International Group introduced yesterday.
QFLP is a pilot program for cross-border capital flows into the Chinese mainland. It permits authorised abroad funding establishments to convert foreign exchange into Chinese yuan and make investments in home funds.
The introduction of Hong Leong Star River by means of the QFLP program is a typical case of Shanghai attracting long-term international capital. It will assist broaden the financing channels for Shanghai’s science and expertise innovation enterprises and supply secure monetary help for rising laborious tech corporations, Shanghai International famous.
Moreover, the worldwide industrial sources and funding imaginative and prescient of Hong Leong will help the invested corporations in connecting with world markets, applied sciences, and expertise, Shanghai International added. This will speed up the transformation of technological achievements and promote the formation of commercial clusters in key areas, together with synthetic intelligence and biomedicine.
Shanghai Sci-Tech Innovation Center Capital is a fund of funds established in 2017, led by Shanghai International and different native state-owned enterprises. Over its eight years of operation, it has managed over CNY17 billion (USD2.4 billion), investing in greater than 100 sub-funds, which have a complete scale of greater than CNY250 billion (USD35.3 billion).
Hong Leong was based in 1941 by Singaporean businessman Kwek Hong Png. Its operations cowl actual property, finance, and manufacturing. Hong Leong was later divided into two entities: Hong Leong Group Singapore and Hong Leong Group Malaysia. Kwek’s son Kwek Leng Beng is main the previous, and his nephew Quek Leng Chan the latter.
Editor: Futura Costaglione