Fan Hongtao, Shenzhen Business Daily·Readchuang client reporter
On December 26, at the launch ceremony of the National Venture Capital Guidance Fund held by the National Development and Reform Commission, the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund was officially announced. The fund is managed by Shenzhen Venture Capital, with a total scale of 50 billion yuan, and is registered and settled in Qianhai Cooperation Zone. Its establishment and operation marks the official launch of national-level “patient capital” in Qianhai.
The fund is a specific measure to accelerate the construction of an international science and technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area and another important practice given by the country to deepen reform and opening up and promote open innovation in the financial industry. The fund is led by the national level and jointly funded by capital from Guangdong Province, Shenzhen City, Nanshan District, Qianhai Cooperation Zone, etc. It adheres to the belief of long-termism and gives full play to the role of Shenzhen's reform and opening up "bridgehead" and socialist pioneer demonstration zone. It encourages the active participation of various market operators, highlights the characteristics of diversified funds, accompanies the growth of early-stage technology enterprises, focuses on the cultivation and transformation of innovative achievements in the field of hard science and technology, guides capital to patiently incubate disruptive technologies, and cultivates new productive forces for regional economic growth.
Bai Jingyu, director of the Department of Innovation and High-tech Development of the National Development and Reform Commission, said that the National Venture Capital Guidance Fund will play a leading and driving role with central funds and widely attract the participation of local governments, central enterprises, financial institutions, private capital and other parties, forming a trillion-dollar capital scale.
The Guidance Fund will focus on companies in the seed stage, start-up stage, and early and mid-stage stages, and support companies to focus on cutting-edge fields to carry out original and disruptive technological research. The guidance fund has a 20-year duration, including a 10-year investment period and a 10-year exit period, and uses patient capital to accompany the company in its "long-term run." After the establishment and operation of the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, it will become a new benchmark for patient capital that “invests early, invests in small, long-term, and invests in hard technology”.
In the future, the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund will give full play to the pivotal role of venture capital in supporting technological innovation and optimizing capital allocation. It is expected to leverage hundreds of billions of capital clusters and continue to inject financial "live water" into strategic emerging industries and future industries in the Guangdong-Hong Kong-Macao Greater Bay Area. Qianhai will also take this opportunity to build a capital support ecosystem covering the entire life cycle of enterprises, provide strong support for the high-quality development of scientific and technological innovation in the Guangdong-Hong Kong-Macao Greater Bay Area, and contribute Qianhai's strength to China's modernization drive.
