Recently, Chengdu Hi-tech Zone released the "Several Policies of Chengdu Hi-tech Industrial Development Zone on Accelerating the Creation of the World's Leading Science and Technology Park" (hereinafter referred to as the "Several Policies"), aiming to make every effort to build a high-quality policy support system for the world's leading science and technology parks and provide strong support for Chengdu Hi-tech Zone to build a world's leading science and technology park.
"Several Policies" contain 8 chapters and 27 clauses, consisting of supporting goals, principles and scope, supporting the introduction of high-end talents, supporting the construction of high-level innovation platforms, supporting the creation of intellectual property rights and transformation of results, supporting innovation and entrepreneurship incubation and services, supporting the cultivation of science and technology enterprises and technological research, and strengthening the role of science and technology finance. The Mother Fund Research Center has paid special attention to the fact that the "Several Policies" mentioned that has set up an angel guidance fund with a total scale of 10 billion yuan to ensure that outstanding technology start-ups "invest all investments" .
parent fund research center has long tracked the Chengdu Hi-Tech Zone angel investment guidance fund mentioned in this "Several Policies": Chengdu Hi-Tech Zone angel investment guidance fund is a policy fund that is not for profit. It mainly uses various angel investment funds to give full play to the role of market resource allocation and financial funds guiding and amplifying the role of financial funds, guide social capital to invest in the seed and start-up technology-based enterprises in the district, attract and cultivate high-level innovation and entrepreneurship talents, stimulate the vitality of innovation and entrepreneurship venture capital, cultivate strategic emerging industries, promote industrial transformation and upgrading and high-quality development .
It is reported that the parent fund has launched its first phase of declaration in March this year, and focuses on the angel sub-fund managed by investors with industry or industry experience in Chengdu Hi-Tech Zone. The sub-fund mainly invests in the industrial directions that support and encourage development in Chengdu Hi-tech Zone, including three major leading industries such as electronic information, biomedicine , and new economy, as well as advanced manufacturing, modern service industry , future industries, etc. ("3+3" industries). The sub-fund focuses on the following sub-sectors: integrated circuits, new displays, innovative drugs, high-performance medical devices, high-end software, artificial intelligence , big data, network information security, XR extended reality, digital cultural and creative industries, consumer electronics, aviation economy, energy conservation and environmental protection, etc. In July, the first Angel Mother Fund of the Chengdu Hi-Tech Zone Angel Investment Guide Fund officially signed a contract with six domestic leading investment institutions at the Chengdu Angel Investment Summit in China and the signing ceremony of the Chengdu Hi-Tech Zone Angel Mother Fund.
Parent Fund Research Center noticed that according to the "Chengdu Hi-Tech Zone Angel Investment Guidelines Application Guidelines" released in March, the angel fund operation is relatively market-oriented, with a maximum investment ratio of 50% for a single sub-fund, and a flexible return quota set to 1.5 times and flexible recognition provides sub-funds with many principles for increasing the recognition of return quota, and a scientific and reasonable incentive and constraint mechanism is set, which is conducive to truly focusing on guiding social capital to invest early, small, and "hard technology" and improving the operational efficiency of guided funds.
In addition to proposing the establishment of an angel guidance fund, the "Several Policies" also clarifies detailed rules to encourage science and technology financial institutions and other technologies to strengthen the support role of science and technology finance. The parent fund research center compiles the following key points closely related to the equity investment industry:
- supports corporate equity financing. For enterprises that receive equity financing of RMB 1 million or more for the first time, a reward of up to RMB 1 million will be given at 5% of the actual financing amount; for enterprises that receive equity financing of RMB 10 million or more for the subsequent single round, a reward of up to RMB 1 million will be given at 2% of the single round of financing amount. Each company will receive a total equity financing reward of no more than 5 million yuan.
- Encourage science and technology financial institutions to increase corporate services within the region. will give a maximum settlement reward of RMB 5 million to newly established or newly moved angel investment institutions at 2% of the actual paid capital (in actual paid capital contribution), and a total of RMB 3 million in three years will be given a total of RMB 3 million in rent (house purchase) subsidy.Venture capital institutions and incubation carrier operating institutions are encouraged to invest in early investment in Xiaotou Technology in the district, and a reward of up to 1 million yuan per project is given at 5% of the actual investment amount (excluding the investment part of the high-tech zone). Each institution has a cumulative reward of up to 5 million yuan per year. will give a reward of up to 1 million yuan to the top 5 private equity venture capital institutions that have added new investment enterprises in the annual investment zone, introduced high-level talents and high-level projects. Venture capital financial advisors (FA), financing guarantees, technology micro loans, financing leasing companies, , incubation and operation carriers to increase investment and financing services for technology enterprises in the region, and each institution will be given a reward of up to 1 million yuan per year according to the actual financing amount obtained by the enterprises in the service area. For technology and financial service platforms that help enterprises in the district obtain financing, a reward will be given at a maximum of 0.5% of the financing amount.
Chengdu Hi-tech Zone is one of the first pilot projects in the country to "create world-class high-tech parks". After more than 30 years of hard work, it has become one of the high-tech zones with the best quality and efficiency in development, the strongest scientific and technological innovation strength, and the highest density of high-tech enterprises and innovative growth enterprises in the country. The mother fund research center has paid attention to . In the past year, Chengdu, especially Chengdu Hi-Tech Zone, has made frequent moves in encouraging the development of mother funds and venture capital :
- In June this year, the National Small and Medium Enterprise Development Fund (Chengdu) Jiaozi Venture Capital Partnership (Limited Partnership), which is the sub-fund of National Small and Medium Enterprise Development Fund , completed its industrial and commercial registration and was officially established in Chengdu Hi-Tech Zone. The sub-fund signed a contract of 5 billion yuan, mainly investing in small and medium-sized enterprises in semiconductors, new energy, new materials, information technology, medical and healthcare and other fields. This is the first sub-fund for the National Small and Medium Enterprise Development Fund to deploy in Sichuan Province, and it is also the largest sub-fund in the western region. The main investors of this sub-fund include the National Small and Medium Enterprise Development Fund (subscribed for 1.5 billion yuan), Chengdu Jiaozi Financial Holding Group, Chengdu Wenjiang District major industrialization projects investment fund , Chengdu Gaotou Group, Shenzhen Oriental Fuhai Co., Ltd., Kaiyuan Securities , Shanxi Securities , etc.
- In November 2021, Chengdu Hi-tech Zone held a mobilization meeting for investment promotion, comprehensively expand the "circle of friends" for investment promotion, expand multiple partners such as leading enterprises, equity investment institutions, well-known think tanks, industry associations, scientific research institutes, etc. . proposed that in the next five years, Chengdu Hi-tech Zone will launch an industrial fund of with a total of 300 billion yuan, tailoring the full life cycle investment and financing service system from angel investment to listing financing for the growth of Chengdu Hi-tech Zone enterprises, releasing policy dividends to the greatest extent, striving to create an industrial peak with world influence in several sub-fields, and providing strong support for the construction of a world-class high-tech park in the High-tech Zone. Specifically, a 10 billion yuan angel mother fund will be established to strengthen cooperation with various angel fund teams, focusing on supporting the start-up technology-based enterprises in the high-tech zone, and supporting scientists and entrepreneurs to commercialize and industrialize scientific and technological innovation achievements; establish a 10 billion yuan special fund for talent innovation and entrepreneurship to support the development of key core technology research, scientific and technological achievements transformation and innovation and entrepreneurship of high-level talents; invest 50 billion yuan to implement the "Minshan Action" plan, unveil the lead in building 50 new R&D institutions, and accelerate the construction of 2 Tianfu Laboratory ; the government invests 8 billion yuan every year to drive the "industrial partners" and "investment circle of friends" to establish an industrial investment fund with a scale of 40 billion yuan, with a total scale of 200 billion yuan in five years, helping enterprises become bigger and stronger and creating a new peak in industrial development.
- In September 2021, Qualcomm Capital Group and Chengdu Hi-Tech Zone jointly established a special fund of 10 billion yuan. The fund is invested and managed in the form of a parent-son fund, of which the parent fund scale is 5 billion yuan. The fund will make special investments and global mergers and acquisitions based on the development of the leading industries in the High-tech Zone.
"Plant the sycamore tree and attract the phoenix." The importance of capital investment is now deeply rooted in the awareness of government management at all levels.The Mother Fund Research Center expects that more regions in China will set up angel mother funds with a high degree of marketization to truly realize "invest early, small, and technology", stimulate the vitality of innovation, entrepreneurship and venture capital, and cultivate strategic emerging industries.
