At the top of this yr, the social safety funds have been actively making investments. The social safety science and expertise innovation funds in Zhejiang, Jiangsu, and Fujian have successively accomplished their filings, and the primary social safety science and expertise innovation fund in Central China has been established in Hubei.
On December twenty fifth, the Hubei Social Security Science and Technology Innovation Fund was formally signed in Wuhan. It is collectively established by the National Council for Social Security Fund, Hubei Province, Wuhan City, and China Construction Bank, with an preliminary scale of 20 billion yuan.
According to a supply acquainted with the matter interviewed by a reporter from Science and Technology Innovation Board Daily, this fund is the primary social safety science and expertise innovation fund in the central and western areas. Two Hubei state – owned establishments have confirmed their participation in the fund’s institution. The fund’s capital contribution will comply with a “central – local cooperation” mannequin, and the sub – funds are already in preparation.
140 billion yuan, 4 provinces
From the earliest deployment in Beijing, Shanghai, and Shenzhen, and then increasing to Zhejiang and Jiangsu, the social safety funds’ format in the enterprise capital subject has lined the areas of “Beijing, Shanghai, Shenzhen, Zhejiang, Jiangsu, and Shanghai”. The newly signed Fujian and Hubei are respectively the southeastern gateway and the central industrial excessive – floor.
In phrases of the fund’s scale and operation mode, the social safety science and expertise innovation funds have gone by way of an iteration. From July 2023 to January 2024, the Zhongguancun Independent Innovation Special Fund of the social safety fund in Beijing, the Yangtze River Delta Science and Technology Innovation Equity Investment Fund of the nationwide social safety fund in Shanghai, and the Greater Bay Area Science and Technology Innovation Special Fund of the social safety fund in Shenzhen had been established successively, every with a scale of 5.1 billion yuan.
In these three funds, the social safety fund accounted for an absolute proportion of the capital contribution, contributing 5 billion yuan to every fund. The chosen administration establishments are Legend Capital, IDG Capital, and Shenzhen Capital Group, all of that are nicely – established establishments which have lengthy – time period cooperation with the social safety fund.
However, this yr, when the social safety science and expertise innovation funds prolonged their attain past Beijing, Shanghai, and Shenzhen to Zhejiang, Jiangsu, Fujian, and Hubei, there have been apparent adjustments in the fund’s scale and administration mode.
Firstly, in phrases of scale, the preliminary scale of the social safety science and expertise innovation funds in Zhejiang and Jiangsu reached 50 billion yuan, ten instances that of the earlier funds. In Fujian and Hubei, comparatively much less – developed areas, the preliminary scale of the social safety science and expertise innovation funds can be 20 billion yuan. In complete, the overall scale of the social safety science and expertise innovation funds’ format in these 4 provinces this yr has reached 140 billion yuan, greater than ten instances that of the funds in Beijing, Shanghai, and Shenzhen.
After the exponential growth of the size, the social safety fund now not dominates in phrases of the capital contribution ratio. According to the info from Cailian Press Venture Capital Connect – ZX, in the funds of Zhejiang, Jiangsu, and Fujian which have accomplished their filings, the social safety fund subscribes for 40% of the capital, the remaining 20% is contributed by financial institution AICs (Financial Asset Investment Companies), and 40% is contributed by a number of native state – owned enterprises in complete.
The administration establishments of the social safety science and expertise innovation funds in the above areas have additionally modified from nicely – established market – oriented establishments to consultant native state – owned establishments. The “mother fund + direct investment” mannequin has appeared in the social safety science and expertise innovation fund system for the primary time. The Zhejiang Social Security Science and Technology Innovation Fund has introduced that it’s going to step by step arrange six particular funds to construct a multi – degree fund system masking your entire cycle of science and expertise innovation enterprises by way of the “mother fund + direct investment” mannequin.
According to a reporter from Science and Technology Innovation Board Daily, the Hubei Social Security Science and Technology Innovation Fund can be in the method of making ready sub – funds.
In distinction, the three funds in Beijing, Shanghai, and Shenzhen didn’t make investments in sub – funds and all made direct investments. According to the info from Cailian Press Venture Capital Connect – ZX, as of now, the three funds have invested in 34 tasks, together with star enterprises resembling Muxi Integrated, Chery Automobile, and Wuwenxinqiong.
With the profitable funding in a number of fashionable tasks by the funds in Beijing, Shanghai, and Shenzhen, proving that the mannequin works, the social safety fund’s technique has entered a stage of “replication and expansion” on a bigger scale.
A state – owned enterprise insider advised a reporter from Science and Technology Innovation Board Daily that the mannequin of the social safety science and expertise innovation funds in Zhejiang, Jiangsu, Fujian, and Hubei is a “central – local cooperation” mannequin. The cooperating establishments resembling financial institution AICs and native state – owned enterprises are all establishments wealthy in native sources. This “central – local cooperation” mannequin cannot solely pool extra funds, however extra importantly, it effectively integrates the nationwide strategic industrial map, native industrial sources, financial institution monetary capital, and market – oriented funding capabilities (launched by way of sub – funds).
Another key piece could also be added in Central China
Specifically in phrases of funding instructions, the brand new spherical of social safety science and expertise innovation funds will most likely be totally different from these in Beijing, Shanghai, and Shenzhen.
A reporter from Science and Technology Innovation Board Daily seen that the tasks invested by the three social safety science and expertise innovation funds in Beijing, Shanghai, and Shenzhen will not be restricted to their respective areas. For instance, the Beijing social safety science and expertise innovation fund has invested in Wuwenxinqiong in Shanghai and Shanchuan Harmonic in Shenzhen, and the Shanghai social safety science and expertise innovation fund has additionally invested in Chengdu Maikang Biotechnology.
However, in the brand new spherical of social safety science and expertise innovation funds, the funding instructions are mixed with the economic chain improvement of every province. For instance, the Jiangsu Social Security Science and Technology Innovation Fund will deal with nationwide strategic rising industrial clusters, the “1650” industrial system in Jiangsu Province, the “51010” strategic rising industrial clusters, the “1030” industrial chain system in Suzhou and its sub – fields.
In Hubei, the social safety science and expertise innovation fund exactly focuses on Hubei’s attribute industries and main enterprises in optoelectronic data, vehicle manufacturing, life sciences, excessive – finish gear, and so forth., serving the “three – pronged approach” of upgrading conventional industries, cultivating and increasing rising industries, and making ahead – wanting layouts for future industries.
Currently, the brand new spherical of social safety science and expertise innovation funds continues to be in the primary stage of implementation, and there aren’t any funding actions but. However, the above – talked about provinces are all in speedy progress. Previously, Zhejiang deliberate to finish the institution of six particular funds and make the primary venture funding inside this yr. According to a reporter from Science and Technology Innovation Board Daily, the social safety science and expertise innovation fund in Hubei might arrange sub – funds in three instructions.
Moreover, the format of the social safety science and expertise innovation funds has not stopped. In October this yr, Anhui Guojin Company organized a particular assembly to debate the institution of the Anhui Social Security Science and Technology Innovation Fund (AIC Fund).
The mannequin mentioned in Anhui, which mixes native state – owned enterprises, AICs, and social safety funds, is similar as that of the above – talked about provinces. After Hubei, Anhui is anticipated to change into the second key piece of the social safety fund’s format in Central China, which isn’t unintended. In current years, Anhui has emerged as a “science and technology innovation dark horse” because of its excellent efficiency in strategic rising industries resembling new vitality automobiles, synthetic intelligence, built-in circuits, and photovoltaics. Anhui, which has a lot of main enterprises resembling iFlytek, Sungrow Power Supply, Gotion High – tech, and Changxin Memory Technologies, has industrial endowments which might be extremely in step with the route of the social safety fund’s help for scientific and technological innovation.
If the social safety science and expertise innovation fund is efficiently established in Anhui, from Shanghai, Jiangsu, and Zhejiang in the Yangtze River Delta to Hubei and Anhui in Central China, the social safety fund could have constructed a “science and technology innovation investment belt” alongside the Yangtze River, the financial artery of China. This just isn’t solely conducive to the sleek circulate of innovation elements resembling funds, applied sciences, and skills alongside the river, but in addition can strengthen the synergy impact of the upstream and downstream industrial chains by way of the capital hyperlink. For instance, the R & D outcomes in Shanghai, the superior manufacturing in Jiangsu, and the industrialization and utility situations in Anhui can discover extra environment friendly connection paths inside this capital community.
From 1.5 billion yuan in Beijing, Shanghai, and Shenzhen to 140 billion yuan in the 4 provinces this yr, the “chessboard” of the social safety science and expertise innovation funds is repeatedly increasing. After Hubei, which area, resembling Anhui, Chengdu – Chongqing, or Xi’an, will change into the “new target” of the social safety science and expertise innovation funds can be a spotlight of the trade.
This article is from the WeChat official account “Venture Capital Daily”, writer: Yu Shiqi. It is printed by 36Kr with authorization.