The inaugural ceremony for the Nantong Baoyuehu science and innovation patent fund was held at the Intercontinental Nantong Hotel in Chongchuan district, Nantong, Jiangsu province on Oct 18. The event gathered industry experts, investment organizations, and financial representatives.

According to an announcement at the event, the fund boasts a total capital of 5 billion yuan ($683.33 million), with an initial installment of 1 billion yuan, earmarked for strategic investments in three provincial-level industrial parks and six strategic emerging industries within Chongchuan.

Shen Lei, deputy secretary of the CPC Nantong Municipal Committee, attended the ceremony and delivered a speech. He highlighted the city's recent emphasis on the development of equity investment, as the local authorities work to establish a comprehensive life-cycle equity fund support system. The newly-established Baoyuehu fund is a vital component of this system, injecting fresh energy into Nantong's innovative development, according to Shen.

During the event, Shenzhen Xinchanye Investment Co Ltd signed a partnership agreement with Chongchuan on the Baoyuehu fund. Multiple investment organizations also inked framework agreements on subsidiary funds associated with the fund.

An unveiling ceremony of the Baoyuehu fund is held during the conference. [Photo/WeChat account: chongchuanonline]