Central SOEs launch 51 billion yuan strategic industries fund

A special fund for the development of strategic emerging industries by central state-owned enterprises (SOEs) was launched in Beijing on Oct. 29. The fund, initiated by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and managed by China Reform Holdings Corp. Ltd., has an initial size of 51 billion yuan ($7.2 billion), of which China Reform Holdings plans to contribute about 15 billion yuan. The fund has a five-year investment period, which can be extended by up to two years, and an eight-year management and exit period, for a total of 15 years. It will focus on supporting strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, and quantum technology, as well as future industries including next-generation energy, information, and manufacturing.