China on Friday launched three venture capital funds aimed at investing in "hard technology" sectors, state broadcaster CCTV reported.
Each fund has finalized capital contributions exceeding 50 billion yuan ($7.14 billion), according to the report. The funds will primarily target early-stage startups valued below 500 million yuan, with no single investment exceeding 50 million yuan, an official said.
The funds are expected to focus on firms working in integrated circuits, quantum technology, biomedicine, brain-computer interfaces, aerospace, and other key hard technologies, while "soft" technologies, such as internet services, are excluded.
($1 = 7.0070 Chinese yuan)
Bd-pratidin English/ Jisan
