Shanghai's FoF Gets New Investment With 17 Sub-Funds

Shanghai's government-guided fund of funds (FoF) has included another 17 sub-funds in its third round selection, Shanghai Securities News reported on Monday.

The new funds cover industries including integrated circuits (4 sub-funds), biomedicine (7 sub-funds) and artificial intelligence (6 sub-funds) with an investment of 4.71 billion yuan (US$676 million). The total value of the funds is projected to increase nearly five times, reaching 23 billion yuan.

Managed by a subsidiary under the Shanghai State-owned Capital Investment Co Ltd, which has invested 41 billion yuan since July of 2024, the FoFs have supported the construction of an ecosystem for Shanghai's leading industries, focusing on early-stage, small-scale and tech-driven projects.

Among the successful investments, there are MiniMax, one of China's "AI tigers" that got listed on the Hong Kong stock market in just four years, and Biren Technology – the first Hong Kong-listed domestic enterprise of graphic processing units.