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New Fund to Drive Chengdu-Chongqing Twin City Economic Circle Development

By JAMES ALEXANDERICHONGQING|Oct 25,2020

Chongqing- On the morning of October 23, the 2020 Chongqing International Venture Capital Conference held a signing ceremony for a series of 15 financial projects, including the Chengdu-Chongqing Twin City Economic Circle Development Fund and the Chongqing Manufacturing Transformation and Upgrade Fund. In total, the combined value of the signed projects amounted to 67.55 billion yuan.

The contracted projects mainly focus on new-generation information technology, integrated circuits, intelligent manufacturing, healthcare, new energy, and other fields. The aim is to promote synergy between technology, finance, and industry, promote the continued pooling of resources, and boost the Twin-City economy. In turn, the construction of the Economic Circle and the Western Science City will inject further impetus into Chongqing’s development.

Chongqing High-tech Zone, Bishan District, Yufu Holdings, Real Estate Group, and Sichuan Development have jointly invested 30 billion yuan into the Chengdu-Chongqing Twin-City Economic Circle Development Fund, with the main focus on integrated circuits, intelligent manufacturing, and other strategic industries. Asset securitization and the industry-city integration have marked the start of in-depth cooperation between Sichuan and Chongqing in finance and industry.

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The Signing Ceremony of CIVC involved contracts worth over sixty billion Yuan.

According to Chongqing High-tech Zone officials, the fund’s establishment is an important measure to promote the construction of the Chengdu-Chongqing Twin City Economic Circle, form an important growth pole for high-quality development, optimize regional economic layout, and create an inland opening strategic highland.

Furthermore, the fund strategy is vital for the construction of Western (Chongqing) Science City, the International Financial Center, and the Science and Technology Innovation Center. It will provide strong support for in-depth and multi-faceted cooperation, as well as the performance of institutions operating in financial investment.

These specifically manifest the integration of state-owned platform companies in Chengdu and Chongqing, constructing the Chongqing High-tech Zone as part of the Twin-City Economic Circle, and in-depth cooperation between the two cities.

According to reports, 10 billion yuan is planned for the initial phase of the development fund, which will function according to market-oriented mechanisms, with a focus on strategic investment in emerging industries such as integrated circuits, smart manufacturing, displays, materials, new energy, and biomedicine in Sichuan and Chongqing.

Service industries such as aviation, tourism, health, and smart cities and new infrastructure will promote coordinated economic development in Chengdu and Chongqing.

This first Twin-City Economic Circle Development Fund will mobilize greater social capital to strengthen the financial support of key projects in Sichuan and Chongqing and provide a boost for quality and efficiency in the real economy.

Here are some of the major contractual projects signed at the CIVC 2020.

Chongqing Manufacturing Industry Transformation and Upgrading Fund Project

Fund size: Estimated 10 billion yuan.
Founders: Yufu Capital and China Securities Investment Capital.
Main investment: New materials, new-generation information technology, electrical power equipment, and new manufacturing.

Chongqing Zhaoying Langyao Growth Phase II Equity Investment Fund Project

Fund size: Estimated 7 billion yuan.
Founders: Chongqing High-tech Zone, Heavy Development, and CMB International.
Main investments: Medicine and health industries, new energy, and high-end manufacturing.

Comprehensive guarantee credit

Pre-credit amount: 6.35 billion yuan,
Founders: Chongqing High-tech Zone, Bank of China, Agricultural Bank, Bank of Communications, China Everbright Bank, Minsheng Bank, Chongqing Bank, and Hengfeng Bank.

Chongqing Songhe Growth Equity Investment Fund Project

Fund size: Around 5 billion yuan
Founders: Chongqing Industry Guidance Fund and Songhe Capital.
Main Investments: AI, intelligent manufacturing, and innovative materials.

Chongqing Science and Technology Achievement Transformation Equity Investment Fund Project

Fund size: 2.1 billion yuan.
Founders: Chongqing High-tech Zone and Chongqing Angel Guidance Fund.
Main investments: enterprise services and cloud, biomedicine, intelligent manufacturing, and high-tech service industries such as R&D, design, inspection, and testing.

Harmony Beyond Phase II Fund Project:

Fund size: Estimated 2 billion yuan.
Founders: Chongqing Angel Guidance Fund and IDG Capital.
Mainly investments: Advanced technology, corporate services, and consumption.

Northern Light Venture Capital 4th RMB Fund Project

Fund size: Expected 1.2 billion yuan.
Founders: Chongqing Angel Guidance Fund and Northern Light Venture Capital.
Main investments: Private equity projects in the fields of TMT, medical, and technology.

BOE (Chongqing) Innovation Ecological Industry Fund Project

Fund size: Expected 1 billion yuan.
Founders: Yufu Holdings and BOE Group.
Main investments: The up and downstream industrial ecology of BOE Smart Systems.

Fosun (Chongqing) Digital Intelligence Industry Investment Fund Project

Fund size: Estimated 1 billion yuan.
Founders: Chongqing Industry Guidance Fund and Fosun Capital.
Main investments: New-generation information technology, intelligent manufacturing, high-end equipment, new materials, and industrial Internet.

Chongqing Liangjiang Intelligent Industry Private Equity Investment Fund Project

Fund size: Expected 505.1 million yuan.
Founders: Chongqing Industry Guidance Fund and Red Horse Capital.
Main investments: Intelligent manufacturing focusing on smart cars and materials, AI, and smart life.

Chongqing Boyiqi Equity Investment Fund Project

Fund size: Expected 500 million yuan.
Founders: Chongqing Industry Guidance Fund and Boyi Fund.
Main investments: Innovative drugs, in-vitro diagnostics, medical equipment.

Chongqing Canglin Smart Industry Equity Investment Fund Project

Fund size: Expected 500 million yuan.
Founders: Chongqing Industry Guidance Fund and Canglin Investment.
Main investments: Smart manufacturing, education, and medicine.

Chongqing Kexing Qianjian Venture Capital Fund Phase 2 Project

Fund size: Expected 300 million yuan.
Founders: Chongqing High-tech Zone and Kexing Qianjian
Main investments: Intelligent manufacturing.

Goals: Agreement for 1 million yuan strategic cooperation between Yufu Holdings, Heavy Development, China Singapore Fund, and Zhien Pharmaceutical to develop the biomedical industry.

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