Qinchuangyuan fund fuels growth of sci-tech enterprises in Xi'an

Xi'an, capital of Northwest China's Shaanxi province, is promoting the development of a funding system to solve the financing difficulties faced by scientific and technological innovation enterprises.

The Qinchuangyuan Scientific and Technological Innovation Investment Fund is an important guarantee for the construction of the Qinchuangchuan innovation-driven platform.

It is also a key driver for scientific and technological innovation breakthroughs and the development of emerging industries.

The fund is operated by a mother fund based on professional and market-oriented principles. It completed its private equity fund filing on Jan 30 last year, with a subscribed capital of 1.41 billion yuan ($193.75 million).

From the beginning, the fund has positioned itself as a guide to attract social capital and professional talent. It aims to connect top investment institutions, leading enterprises, universities and research institutes.

Since its establishment more than a year ago, the fund has covered strategic emerging industries such as electronics and information, high-end equipment, biomedicines, new materials, new energy and modern agriculture.

It has connected with 233 high-quality investment institutions both inside and outside the province, with top-tier institutions accounting for more than 35 percent of them.

As of end-June 2023, the fund had accumulated external investments of 632 million yuan and established 32 sub-funds.

So far, its sub-funds have invested in 170 projects, with 42 having completed follow-on financing and seven projects having applied for a market listing and been accepted.

Moving forwards, plans are for the fund to continue to provide more precise and efficient capital as the driving force for the development of sci-tech innovation enterprises in Xi'an.