FUTIAN Guiding Fund signed an agreement with China Reform Holdings Corp. on March 19 in a bid to boost the growth of venture capital in Futian.

Guided by “finance plus technology plus culture,” the two will introduce outstanding venture capital investment institutions in relevant fields, to set up investment funds in Futian to facilitate the district’s transition into a creation and innovation center.

Futian will soon release policies supporting the private equity industry. Fund of funds (FOF) and their relevant management institutions that settle down in Futian will obtain support from the district government in purchasing office land, talent housing and economy contribution awards. Newly launched FOF partners or management firms with a funding scale reaching 5 billion yuan (US$759.8 million) will receive a bonus as high as 20 million yuan.

According to Huang Wei, vice head of Futian’d district government, over the past two years, Futian Guiding Fund has reached a scale of 127.5 billion yuan through capital injection and equity participation, which marks a new stage. The cooperation with China Reform Holdings will enable Futian to redistribute its fund industry, technology and innovation in a whole new way.

The head of China Reform Holdings said that Futian Guiding Fund is a new member of Xingjie Fund. Positioned at the forefront of industry in the Guangdong-Hong Kong-Macao Greater Bay Area, it will surely become an important interface between State-level strategic funds and Shenzhen-based strategic emerging industries.

Xingjie Fund is a fund initiated by JD.com, Tencent Holdings, China Citic Bank and Sequoia Capital. Its current fund scale has reached tens of billions of yuan.(Chen Xiaochun)