The New and Old Kinetic Energy Conversion Fund stimulated social investments of RMB 309.2 billion.

The "Business and Investment Attraction" of Shandong through funds gradually takes effect 

Jinan, September 15 -- The reporters learned from Shandong Province Finance Bureau that since the establishment of the New and Old Kinetic Energy Conversion Fund, Shandong Province has made every effort to speed up the establishment and operation of the funds. Until now, Shandong Province has a total of 262 government investment funds, which stimulated social investments of RMB 309.2 billion. The fund investment scale is continuously expanding, and the "Business and Investment Attraction" of Shandong gradually takes effect.

A special fund will be established around the projects to be attracted and landed here, in order to attract corporate headquarters or core business departments to stay in Shandong by means of capital injection. Dezhou seized the opportunity "relief of non-capital functions of Beijing", actively cooperated with the General Research Institute for Nonferrous Metals and set up a RMB 3 billion fund to facilitate the successful implementation of the Institute's semiconductor research project.

A special fund for a special industry or field is set up, and preferential and favorable policies are provided. As a result, various of capitals and projects are landed. Qingdao has set up Qingdao Science and Technology Innovation Fund of Funds ("QSTI FoF") with a capital of RMB 12 billion for the first stage, which are mainly used to support the original innovation, achievement transformation and the cultivation of high-end science & technology industrialization projects. Beijing Hongtai Tongchuang Investment Management Co., Ltd. won the bid for the Fund Manager. It not only brought quality project resources to Qingdao, but also injects fresh blood into the local fund manager market. Up to now, more than 80 enterprises have discussed with QSTI FoF for cooperation.

Qingdao cooperated with the first-class fund management team in China, and by actively participating in fund operation, has provided project resources, financial capital and social capital for Qingdao. Weifang High-tech Zone participated in the fund managed by Tsinghua Holdings Capital, and focuses on the introduction of quality projects. Tsinghua Holdings Capital opened its project library and introduced the project resources with urgent requirements for industrialization and landing to Weifang High-tech Zone.

Among the major industrial projects determined by the provincial Party committee and the provincial government for "Investment and Talent Attraction", and the innovation and entrepreneurship projects from various kinds of innovative enterprises and provincial key talents, Shandong Province Finance Bureau has preliminarily selected 85 key projects from the cities, with a total fund size of RMB 91 billion. Shandong New Kinetic Energy Fund Company is now carrying out the due diligence, investment decision and other follow-up work of the project fund in a market compliance manner according to relevant policies and regulations. (Reporter Dai Lingling; Correspondent Kong Jin and Zhao Yunliang)