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On the afternoon of December 18, 2020, "New Power, New Force, New Synergy--Innovation Strengths in Changes" Themed Forum, hosted by Shanghai Sci-tech Capital (SSC), co-hosted by Jiading State-Owned Assets Management Group (Jiading State-Owned Assets), took place in Jiading District, Shanghai. With SSC as the bond, the forum brought together the government, over 40 renowned fund managers, as well as outstanding innovation enterprises, industrial groups and financial institutions, to size up the situation of technology innovation amid great changes, pool innovation strength, promote industry-finance integration and achieve win-win in future innovation. Lu Fangzhou, Secretary of the CPC Jiading District Committee; Li Jun, Deputy Director General of the Shanghai Municipal Financial Regulatory Bureau (SMFRB); and Yu Beihua, Chairman of Shanghai International Group (SIG) attended and addressed the forum.

Deepening the building of an important supporting area for Shanghai Technology Innovation Center through district-enterprise cooperation

SIG and the Jiading District People's Government signed a strategic cooperation framework agreement. On the basis of serving Shanghai's overall reform and development, with focus on building "five centers", enhancing "four functions", advancing three tasks, building a people's city in the new era and other major strategies, the two sides will further deepen cooperation to jointly support and serve national strategies and major municipal tasks.

SIG is a major financial and state-owned assets platform in Shanghai, as well as one of China's first five pilot financial holding companies. In recent years, SIG has supported the integrated development of Shanghai Technology Innovation Center and Shanghai International Financial Center. Represented by GP Capital, Guohe Capital, Sailing Capital, Shanghai Sci-tech Capital and Growth FoF, SIG's equity investment funds have played significant roles in supporting and serving national strategies and major municipal tasks. As an important supporting area for Shanghai Technology Innovation Center, an important position of Shanghai's high-end manufacturing sector and an important node in the Yangtze River Delta, Jiading has kept improving its capacity for innovation sourcing over the years, with emerging industries such as IC, biomedicine and high-end manufacturing developing soundly. The world auto industry center is marching towards the goal of creating an industry with an output value of 1 trillion yuan. Under the agreement, the two sides will leverage respective advantages to promote the deep integration of finance with industry and work together to promote the high-quality development of the important supporting area for Shanghai Technology innovation Center and the important node in the Yangtze River Delta.

Witnessing a milestone for SSC

Witnessed by leaders of the Science and Technology Commission of Shanghai Municipality, SMFRB, the Shanghai Municipal State-owned Assets Supervision and Administration Commission, the Shanghai Municipal Office of Technology Innovation Center Building and Jiading District, renowned startup investors, founders of outstanding innovation enterprises and other guests, SSC signed an agreement of intent on tranche 2 fund of SSC with investors like SIG, Guosheng Group, Shanghai Trust and Jiading State-Owned Assets. With a targeted scale of 8 billion yuan, the fund will be invested in focus on IT, biomedicine, advanced manufacturing and new energy, with emphasis on segments such as AI, biomedicine, IC, industrial Internet, 5G and fintech. To support the building of the important supporting area for Shanghai Technology Innovation Center, the fund will be deployed in Jiading. The signing of the agreement is another major move of SSC to deepen technology innovation and support the building of Shanghai Technology Innovation Center.

SSC is a market-oriented FoF set up in 2017 as required by the CPC Shanghai Municipal Committee and the Shanghai Municipal People's Government. It was initiated by SIG in association with cornerstone investors like Guosheng Group, SIPG, Shanghai Trust, Guotai Junan and Zhangjiang Hi-Tech. With a targeted scale of 30 billion yuan, it aims to serve the building of Shanghai Technology Innovation Center into a technology innovation center. Over the three years, with focus on the strategic goal of serving the building of Shanghai Technology Innovation Center, SSC has given full play to its platform advantage as an FoF and its role in pooling resources, kept consolidating its management foundation, persistently improved team expertise, initially created a technology innovation equity investment ecosystem, shown its strong brand influence, promoted the high-quality development of some innovation enterprises in Shanghai, and made positive contributions to improving Shanghai's capacity for technology innovation sourcing.

To date SSC has invested in over 40 funds and fund managers, with a total scale of nearly 70 billion yuan. Its previous and current investment projects are distributed in fields such as TMT, AI, biomedicine, IC, advanced manufacturing, new materials, 5G, industrial Internet, enterprise service and fintech, almost covering all Chinese top enterprises in the fields of technology innovation, new economy and strategic emerging industries. Among over 500 underlying projects are 17 listed enterprises, including SMIC, Endovastec, Gentech, iRay Technology, Cnano Technology, Chipown, Memsening, OLED, Leadyo, OKE, DKEM, Zhongyou Youyi, XPeng, Joy Spreader, Syracuse Biopharma and RemeGen, and 11 of them were listed on the Science and Technology Innovation Board (STAR Market). The total number of the invested enterprises that have been listed and are likely to go public by late 2021 is nearly 100.

Continuing to follow national strategies and go with the times

Amid the new-round scientific revolution and industrial changes, China is accelerating the creation of a new development pattern in which the domestic economic cycle plays a leading role while the domestic and international cycle are reinforcing each other. General Secretary Xi Jinping's speech at the Celebration of the 30th Anniversary of the Development and Opening-up of Pudong and the National "Fourteenth Five-Year" Plan both underline the core role of innovation in China's overall modernization, calling on us to take technology self-reliance as a strategic support for national development.

The forum brought together a galaxy of moguls. Industrial experts, including celebrated academicians and startup investors, shared their unique perspectives, views and experience in forms such as keynote speech and roundtable discussion, to explore the drivers and future trends of technology innovation amid great changes. Chen Jie, Member of the Chinese Academy of Engineering and President of Tongji University, delivered a keynote speech entitled "Development Opportunities of AI and Competition". Neil Shen, Founding and Managing Partner of Sequoia Capital China, shared their views under the themes of "Opportunities and Challenges for Innovation Investment amid Changes" and "GP Empowerment and Value Creation amid Changes" respectively. Shi Yi, Founder and Managing Partner of Lily Asia Ventures; Kevin Chen, Founding Partner of BioTrack Capital; William Hu, Managing Partner of Qiming Venture Partners; Zhang Suyang, Founding Partner of Volcanics Venture; Huang Xin, Managing Partner of Cowin Venture; Dong Ruiping, CEO of Haihe Biopharm; and Du Bo, Founder and CEO of Genecast shared new insights into key elements of biomedicine such as innovative medicine, devices and services at the Roundtable Forum on "Drug-Device Combination". David Su, Founding Managing Partner of Matrix Partners China; Sun Yuwang, President and Founding Partner of China Fortune-Tech Capital; Yue Bin, Founding Partner of Gaorong Capital; Lin Chenxi, Co-founder of Yitu Technology; Xu Chen, Chairman of SmartSens Technology; and Shen Yichen, CEO of Lightelligence exchanged ideas on new directions and trends of IC and AI at the Roundtable Forum on "Software-Hardware Compatibility".

As an important driver for the transformation and high-quality development of industries, technology innovation is profoundly impacting and changing global competition and industrial development. As important long-term investors in the equity investment market, FoFs should leverage their ecological function and platform role in great changes, and pool strength to support the development of technology innovation.

With the constant expansion of the "friend circle", SSC is enhancing its role as an FoF platform, implementing the concept of "deepening technology innovation, enhancing value and achieving win-win", effectively connecting the government, LPs, industrial groups, financial institutions, sub-funds and invested enterprises, and providing "targeted, fine and elaborate" services for strategy implementation, policy connection, resource integration and industrial collaboration, so as to create a technology innovation equity investment ecosystem. In the great era of technology innovation, SSC will further carry forward the spirit of "craftsman", work with its technology innovation partners, keep creating the "hardcore of technology innovation" and make persistent innovation, thus making greater contributions to serving national strategies and major municipal tasks.