Songjiang sets up fund of funds to promote technological and innovative industries

A G60 Sci-tech Corridor Fund of Funds was established in Songjiang District yesterday to support the corridor development.

The 2-billion-yuan (US$318 million) FOF is jointly formed by Songjiang government, SHIVC, TUS Holdings and Bank of Shanghai. It will be used to invest in the city’s key industrial foundations and projects, especially for Songjiang’s technological, scientific and innovative industries.

The four parties will also cooperate in fields such as platform development and finance.

The FOF will focus on major projects, ecosystem development, growing scientific SMEs and connect to the capital market and academies, said the district Party Secretary Cheng Xiangmin.

It will take full advantage of the market and introduce a proper risk control mechanism, Cheng added.

It will also leverage more than 10 billion yuan of funds and attract leading industries to settle in the corridor and play a constructive role in the science and technology development, said Yuan Wei, president of TUS Holdings.