Among them, a billion-dollar Big Mac Venture Capital Fund - China's state-owned capital venture capital fund (hereinafter referred to as the state-owned venture capital fund), is in possession of a "national" mission of technological innovation and industrial upgrading.
In the B-round financing investors completed during the Cambrian yesterday, Observer Network noticed the state-owned VC funds.
When the domestic artificial intelligence company defies science and technology Face++C round of financing, the state-owned venture capital fund leads.
It is an investor in Shenzhen Zhongdian International Information Technology Co., Ltd. engaged in the development and sales of electronic components, integrated circuits, semiconductors and other technologies.
It is also an investor in spacecraft rocket technology Co., Ltd. engaged in R&D and manufacturing of launch vehicles, spacecrafts, etc.
It is also engaged in the professional development of medical equipment, the transfer of the Shanghai Union Medical Technology Co., Ltd. investor.
From the investment direction of state-funded venture capital funds, we can clearly see 'high-tech'.
State-owned venture capital fund: The new kinetic energy incubator helps innovative small and micro enterprises
According to the First Financial Report, on August 18, 2016, the State-owned Capital Venture Capital Fund, the largest state-owned venture capital fund approved by the State Council, was officially established.
From PetroChina to AI Chips: How can a hundred billion dollars help China's manufacturing?
The fund is registered in Shenzhen, a state-owned expert, and the chief researcher of the China Enterprise Research Institute Li Jin disclosed that the fund is registered in Shenzhen and Shenzhen state-owned enterprises are involved. 'Because Shenzhen's new industries are developed and its technological innovation capability is strong.'
The total size of state-funded venture capital funds is designed at 200 billion yuan RMB, and the initial scale is 100 billion yuan.
Among them, China State Newly contributed 34 billion yuan. As the main sponsor and controlling shareholder, China Postal Savings Bank, China Construction Bank, Shenzhen Investment Holdings Co., Ltd. respectively invested 30 billion yuan, 20 billion yuan and 16 billion yuan.
Where will 100 billion yuan be invested?
The Xinhua News reported that state-funded venture capital funds mainly focus on innovation of central SOEs, taking mergers and acquisitions as the main way to support central SOE innovation, and promoting the transformation of SOE reform from asset management to capital management.
In the implementation process, the fund's investment will be centered around the 'Thirteenth Five-Year Plan' and 'Made in China 2025'. It will focus on the core of the forward-looking, strategic, basic industries, breakthroughs in key technologies, and industrialization.
From PetroChina to AI Chips: How can a hundred billion dollars help China's manufacturing?
Observer network learned that the state-funded venture capital fund 15 million invested in the Aerospace Engineering Rocket Technology Co., Ltd.
As we all know, China Aerospace Science and Industry Group’s flagship products are the 'Dongfeng' series of ballistic missiles that “send people on the West”, and in recent years, based on the solid rocket engine technology, they have developed a series of carriers. Rockets, including fast boats, pioneering, feather boats, Qiao boat, canoe and other five solid rockets.
At the same time, the foreign investment of the state-owned venture capital fund includes CNPC Capital Co., Ltd., with an investment ratio of 1.95% and a total of 175,760,000 shares.
According to the Economic Observer Online, as of the end of August 2017, Guofeng Investment Fund has made a final decision on 9 direct investment projects and 6 sub-fund projects, involving an investment of approximately 34 billion yuan, and an investment of 13.726 billion yuan.
Among them, the number of investment projects of central enterprises accounted for 80.14%. The investment areas include robotics, artificial intelligence, big data, mobile finance, energy conservation and environmental protection, biotechnology, electric vehicles, new materials, and new energy, which can fill gaps in technology in related fields in China.
Moreover, the CSPC debt-to-equity conversion project led by the State Wind Capital Fund has also successfully landed, which has explored a viable path for market-oriented and legalized debt-to-equity swaps for other companies.
In addition, the state-owned venture capital fund will also support the growth of innovative small and micro enterprises, and participate in private investment projects with promising development.
Liu Dongsheng, chairman of the State-owned Venture Capital Fund, said: 'State-owned venture capital funds mainly invest in large and medium-sized projects, with due consideration of small-item investments. The small projects mentioned here are relative concepts. They mainly refer to the small amount of investment but their strategic significance. Big project. '
The Cambrian era, which had just received a state-owned venture capital fund, is currently the world's first smart chip company with successful outflows and mature products. It has two product lines: terminal and server.
In the past, most chip makers were either main players (such as ARM) or main cloud players (such as Intel). Both of them had few considerations. As a general-purpose machine learning chip vendor, the Cambrian goal is to combine clouds. Promote ecology together.
Observers noticed that Shanghai Lianying Medical Technology Co., Ltd. also got investment from state-owned venture capital fund. It is mainly engaged in technology development in the field of medical equipment professional technology.
According to the Jiefang Daily, last year, Shanghai Lianying independently developed the first domestic PET/MR integrated machine with completely independent intellectual property rights, which broke the pattern of high-precision medical equipment in China and long-term monopolization of large-scale medical equipment by foreign brands.
According to the introduction, the all-in-one machine truly realizes the accurate matching and fusion of different image modal time and space, and provides multimodal molecular image information. In clinical application, scientific research has extremely important value.
Previously, only the “foreign brands” mastered the technology, and each sold at a price of 6 million to 8 million US dollars. Shanghai Lian Ying’s innovation broke through the medical image market monopolized by the “foreign brand” in China.
The investments of state-owned venture capital funds have flowed to such innovative companies to support their growth.
U.S. science and technology blocked the Chinese national team as the mainstay
The road to innovation in China is not only facing the pressure of seeking technological breakthroughs, industrial upgrading, but also the ban on technology from the United States.
The trade war between China and the United States is not a pure battle of trade, but also a battle of technological innovation in intellectual property.
The spearhead of the United States is by no means a simple trade deficit, but it is aimed at China's future high-end manufacturing industry.
According to the observers' report earlier, what the United States really worried about was 'Made in China 2025'. This plan will make China a global leader in the future high-tech industry. The White House trade adviser Peter Navarro is even more blunt, '301 "Tariffs" will no doubt be directed at 'Made in China 2025'.
Navarro said: 'In my opinion, China unscrupulously announced the 'Made in China 2025' plan, which is equivalent to announcing to other countries: We will dominate all future emerging industries, and your economy will have no future at all.'
Navarro further pointed out that the United States will target the 'Made in China 2025' which includes artificial intelligence, robotics and quantum computing.
On April 16th, the United States announced the sanctions against ZTE, forbidding U.S. companies from supplying components to ZTE, which lasted for 7 years.
And it will be 2025 after 7 years. The purpose of this blockade is self-evident.
Although the U.S. Department of Commerce has officially announced a new settlement agreement with ZTE, the United States will withdraw the ban on ZTE, but this incident has set off an upsurge in China’s national learning for semiconductors.
The major problems exposed by the ZTE Incident: China's lack of innovation in core technologies and source technologies has triggered the attention of the entire country to the dilemma of the semiconductor industry, and capital has begun to flow into high-tech fields.
When we went to see the chip project a few years ago, very few people asked for it, and even often there was an investor 'jumping ticket'. In the past two years, especially since this year, everyone started to snap up chip projects, such as the now hot AI chip field. AI chip companies such as Shang Tang Technology and Cambrian have carried out multiple rounds of financing this year and have high valuations. 'The head of a state-owned asset investment fund told reporters at the China Securities Journal.
The Cambrian was awarded the lead by the state-owned venture capital fund in the round B financing. Another state-level fund similar to the state-owned venture capital fund is the national integrated circuit industry investment fund. For a long time, it has greatly supported the Chinese integrated circuit. Industry development.
According to the "China Business" report, in September 2014, the establishment of the National Integrated Circuit Industrial Investment Fund drove the nationwide semiconductor investment fever, pushing chip investment into the air and driving the listing boom. A group of chip companies went public.
The scale of the first phase of the national integrated circuit industry investment fund reached 138.7 billion yuan. The investment scope covers upstream and downstream of the IC industry chain such as manufacturing, design, packaging and testing, equipment and materials, and the scale of incitement of social capital amounts to 514.5 billion yuan.
At present, the second phase of the national integrated circuit industry investment fund is in the process of raising funds, and the guaranteed scale will reach 150 billion yuan. Under the support of state funds, industrial capital, and venture capital, a new round of investment cycles for the domestic chip industry will begin.
In the new round of chip industry investment cycle, the national team will play a key role.
Galaxy Securities believes that if the second phase of the National Integrated Circuit Industrial Investment Fund reaches 150 billion yuan-200 billion yuan, according to the 1:3 ratio of incitement, the amount of social capital that is mobilized will be around 450-600 billion yuan. With the addition of the initial period of RMB 138.7 billion and the leveraged social resources of RMB 514.5 billion, the total capital will be trillions of yuan.
Industry sources pointed out that after the launch of the second phase of the National IC Industrial Investment Fund, it is expected to drive a larger investment boom in the chip industry.
In fact, the South Korean government played a very important role in the process of the rise of the chip industry. For example, in October 1986, the Korean government implemented the “Very Large Scale Integrated Circuit Technology Joint Development Plan”, which required the government to be the mainstay and the private sector to assist. Invested in the development of DRAM chip core basic technology. In the following three years, this research and development project invested a total of 110 million U.S. dollars, and the government assumed 57% of the R&D expenditure.
From PetroChina to AI Chips: How can a hundred billion dollars help China's manufacturing?
At present, China, including the "national team" fund including state-funded venture capital fund and national integrated circuit industry investment fund, will play a key role in the country's future technological innovation and industrial upgrading.