Chongqing - The 24th China Venture Capital & Private Equity Annual Forum was held in Chongqing on December 10. Xie Wenhui, Chairman of Chongqing Yufu Holding Group Co., Ltd, announced at the forum that the Chongqing Industry Investment Fund has driven over 10 billion yuan (USD 1.377 billion) in investments since its establishment just over a year ago.

Launched on May 19, 2023, the Chongqing Industry Investment Fund was created to advance the city's "33618" modern manufacturing cluster strategy. Initiated by Chongqing Yufu Holding Group, the fund has a total planned size of 200 billion yuan, with an initial subscription of 80 billion yuan.

Xie Wenhui, Chairman of Chongqing Yufu Holding Group Co., Ltd. (Photo/Event Organizer)

According to Xie, the fund primarily adopts a "sub-fund + direct investment" model. Its objective is to establish a sub-fund ecosystem with a total scale of 600 billion yuan, leveraging over one trillion yuan in capital to boost Chongqing's advanced manufacturing industry.

Strategic investment model

The fund's approach is built around two core strategies. First, through direct investments, it strategically nurtures leading enterprises. Notable beneficiaries include companies such as Sanan STMicroelectronics, United Nova Technology, Seres, and AVATR, the latter two of which have emerged as leaders in the new energy vehicle industry.

Second, the fund drives investment attraction through its sub-fund ecosystem. Over 40 projects have been recommended for Chongqing, with 18 successfully secured or established locally. These projects represent an aggregate investment value exceeding 12 billion yuan and include standout enterprises such as Zhengyuan Biochemical Technology, KHAT, Shuangying Group, and Talan New Energy.

On December 10, the 24th China Venture Capital & Private Equity Annual Forum opened in Chongqing. (Photo/Event Organizer)

"Beyond direct investments, we aim to construct industrial ecosystems led by key enterprises," Xie noted during the forum. These ecosystems foster synergy among upstream and downstream firms, integrate diverse funding channels such as investment-loan and investment-lease linkages, and unite central state-owned enterprises, research institutions, and local governments in innovation-driven collaboration.

Currently, the fund's strategic direct investments total 10 billion yuan, catalyzing an overall project investment volume of 72.7 billion yuan. It has partnered with leading institutions, including CMB International, China Capital Management, and Hongtai Aplus, alongside industry giants such as Changan Automobile, China National Chemical Engineering, and BOE Technology. 

Together, these collaborations have established 25 sub-funds with a subscribed scale of 60.3 billion yuan, of which 13.8 billion yuan was contributed by the Chongqing Industry Investment Fund, achieving a leverage effect of 4.4 times.