On May 30, Jing Zhao, Vice Director of Administration Commission under Xi'an Hi-tech Industries Development Zone (Xi'an Hi-tech), disclosed the Administration Commission had established a RMB500M FOF, to attract VC firms to back enterprises in the western regions.

On the same day, the Administration Commission signed strategic cooperation agreements with Beijing Chengbai Investment and Singapore Dinghua Investment. Prior to this, the Administration Commission signed strategic cooperation agreements with China Science & Merchants Investment (fund) Management Co., Ltd. and DFJ. The four VCs each established RMB200M baby funds.

Reportedly, Xi'an Hi-tech stakes about 20% of the above-mentioned four funds each. The four funds are managed by themselves. They will be mainly invested in Shaanxi-based enterprises.

It is introduced that Xi'an Hi-tech adopts company operation mechanism with China Science & Merchants Investment (fund) Management Co., Ltd. and Singapore Dinghua Investment. Meanwhile, it takes limited partnership mechanism with DFJ and Beijing Chengbai Investment.