“Science and Technology Innovation Board Daily” March 1 (Reporter Yu Shiqi) Jiangxi's first provincial science and technology innovation fund was launched.

According to the official website of the Jiangxi Provincial Science and Technology Department, the Jiangxi Xingjiang Science and Technology Innovation Equity Investment Fund (hereinafter referred to as the “Science and Technology Innovation Fund”) has completed a partner cooperation agreement, and the first provincial science and technology innovation fund in the province was formally established.

The “Science and Technology Innovation Board Daily” reporter learned that the target size of the fund is 2 billion yuan. It was jointly initiated by the Jiangxi Provincial Science and Technology Department in collaboration with Jiangxi State Control, Ganjiang New Area, Ganfeng Lithium, and Shenwan Hongyuan, and is part of the Jiangxi Modern Industry Guidance Fund Group system.

Among them, the Jiangxi Modern Industry Guidance Fund, managed by Jiangxi State Control, pledged 600 million yuan, accounting for 30%; the funder designated by the Jiangxi Provincial Science and Technology Department pledged 400 million yuan, accounting for 20%; the Ganjiang New Area investment platform pledged 400 million yuan, accounting for 20%; Shenwan Innovation Investment, an investment platform owned by Shenwan Hongyuan, pledged 333 million yuan, accounting for 16.67%; Ganfeng Lithium pledged 200 million yuan, accounting for 10%.

Judging from the investment structure, the proportion of local state-owned capital and market-based capital is 7:3, and the LPs of science and technology innovation funds include both brokerage departments and leveraging large listed companies in the province. Furthermore, the management agency of the Science and Technology Innovation Fund also chose Hongyuan Huifu, a wholly-owned subsidiary of Shenwan Hongyuan. This is a pilot agency for brokers' direct equity investment business approved by the China Securities Regulatory Commission.

The “Science and Technology Innovation Board Daily” reporter learned that this is related to the positioning direction of science and technology innovation funds. Although the government guides funds as the main body, the future will still use market-based operation and specialized management models to attract more social capital to participate.

Government guidance funds, local state-owned platforms, listed companies, and brokerage firms have jointly formed the undertone of Jiangxi's first provincial science and technology innovation fund.

In terms of investment strategies, the “Science and Technology Innovation Board Daily” reporter learned that the Science and Technology Innovation Fund will adopt a combination of mother and child funds and direct investment. Among them, the plan for the mother and child fund is “1+N”, “1” is a science and technology innovation fund, and “N” is a sub-fund led or formed with participation in key areas or regions such as scientific and technological innovation and emerging industries.

Specific investment areas are strategic emerging business fields such as electronic information, new energy, new materials, biomedicine, etc., and platforms for transforming industry-university-research achievements in university research institutes. Its main tasks are to help local technology-based enterprises grow, support the introduction of projects with high technology content from outside the province to land in Jiangxi Province, guide early and small investment of social capital, stimulate the vitality of original innovation, promote the deep integration of innovation chains, industrial chains, and capital chains, and promote the formation of a virtuous “technology industry-finance” cycle.

Among them, the key direction is to focus on Jiangxi Province's “1269” action plan, keep an eye on key core technologies in key industries such as artificial intelligence, new energy, new materials, and biomedicine, target the introduction of a number of cutting-edge and leading technological achievements, and accelerate the construction of an industrial innovation ecosystem in Jiangxi Province.

Institutional investors who have cooperated with Jiangxi state-owned assets to set up industrial funds told the “Science and Technology Innovation Board Daily” that since last year, Jiangxi has been making efforts in the fund matrix. In particular, the launch of the 100 billion Modern Industry Guidance Fund Group has attracted some institutions. This time, the Science and Technology Innovation Fund is very friendly news for early investors. Judging from past contacts, the relevant government departments pay great attention to industrial funds and can also provide very real support.

Currently, the Science and Technology Innovation Fund has not made public records. However, as mentioned in the previous recruitment announcement, the rebate requirement for sub-funds set up under the Science and Technology Innovation Fund is only 1 times, and other funds managed by the sub-fund management agency add additional investment (or use their own capital) to enterprises in Jiangxi Province or enterprises introduced and landed in Jiangxi Province can also be considered as rebates.

In the future, the investment of the entire Science and Technology Innovation Fund will be divided into three instalments. The proportions of the three instalments of actual contributions are 30%, 30%, and 40% of the amount pledged by each partner, and paid in instalments according to the payment notice issued by the fund manager.