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September 3, 2020 marks the 3rd anniversary of Shanghai Sci-tech Capital (SSC). Three years ago, according to the arrangements and requirements of the CPC Shanghai Municipal Committee and the Shanghai Municipal People's Government, SSC, a market-oriented FoF initiated by Shanghai International Group (SIG) in association with cornerstone investors like Guosheng Group, SIPG, Shanghai Trust, Guotai Junan and Zhangjiang Hi-Tech, was set up. As an important industrial fund under SIG, SSC aims to build a standardized and efficient technology innovation equity investment and financing platform with a strong capacity for resource integration and great radiating and driving effects, promote the high-quality development of industries through industry-finance integration, and strive to be a pacesetter in serving technology innovation.

Since its inauguration in 2017, SSC has focused on the strategic goal of serving the building of Shanghai Technology Innovation Center, made investment with focus on national strategies and major municipal tasks, given full play to its platform advantage as a FoF and its role in pooling resources, promoted the high-quality development of technology innovation enterprises, and made positive contributions to improving Shanghai's capacity for technology innovation sourcing.

Embracing the Science and Technology Innovation Board (STAR Market), achieving fruitful results in serving technology innovation

SSC has achieved fruitful results over the three years. On September 18, iRay Technology (a Chinese leading X-ray detector developer and manufacturer), an investment project of Lianxin Lianyi, a sub-fund of SSC, was listed on the STAR Market of the Shanghai Stock Exchange (SSE), with the ticker "688301". This is the 8th enterprise listed on the STAR Market in SSC's investment portfolios.

To date, among investment projects of SSC's sub-funds and its direct investment, 12 enterprises have been listed and 20 enterprises have been approved (including 12 enterprises to be listed on the STAR Market). According to preliminary statistics, by late 2021, the total number of projects proposed for listing will exceed 60 and the total number of listed enterprises and invested enterprises likely to be listed this year or next will be nearly 100.

Now SSC has 36 sub-funds that have invested in over 400 projects, covering fields such as TMT, AI, biomedicine, IC, advanced manufacturing, new materials, 5G, industrial Internet and fintech. Since the launch of the STAR Market, SSC has guided sub-funds and outstanding invested enterprises in seizing strategic opportunities such as STAR Market and registration system, to achieve leaps. Among the invested projects, SMIC (688981), Endovastec (688016), Gentch (688596), iRay Technology (688301), Cnano Technology (688166), Chipown (688508), Memsening (688286) and OLED (688378) have been listed on the STAR Market; Allist, Leadyo and OKE have been approved to be listed on the STAR Market. Outstanding technology innovation enterprises such as Puya Semiconductor, ASR Microelectronics, InnoGrit, Hynitron, Dosilicon, United Imaging, Sinotherapeutics, NewMed Medical, Haihe Biopharma, Yitu, Ideal Deposition, Webstock and IDSS are applying for or are ready to apply for STAR Market listing. With the further enrichment of its investment layout, SSC will further display its operation efficiency.

Expanding the "friend circle", going all out to build a leading technology innovation equity investment ecosystem

Over the three years since its founding, based on superior financial and industrial resources of SIG and other shareholders, as well as the core function of the FoF in such aspects as innovation guidance, value discovery, quality improvement and empowerment, and ecological integration, SSC has integrated resources, effectively connected market factors, built industrial and capital platforms, endeavored to create an FoF industry ecosystem, and achieved substantial market benefit and social benefit.

In terms of fund deployment, with focus on the orientation of the country and Shanghai for the development of industries such as IC, AI and biomedicine, SSC has cultivated and explored outstanding sub-fund managers and deepened industrial operations, to explore and cultivate promising startup enterprises and fund manager teams. Over the three years, SSC has deployed over 30 outstanding market funds such as Sequoia, Matrix, Tencent, CICC, Legend, GGV, Lilly, Walden, Shunwei, Gaorong, and Source Code that cover almost all Chinese top enterprises in the fields of technology innovation, new economy and strategic emerging industries.

In terms of cooperation dimension, SSC has strengthened cooperation with subjects such as national funds, research institutes, districts in Shanghai, industrial groups and SSE, to promote technology innovation in an all-round and systematic manner. At the STAR Market Exchange Conference jointly organized by SSC and SSE on August 4, founding and managing partners of nearly 40 SSC-invested renowned funds exchanged views on concerns of sci-tech enterprises about STAR Market listing with SSE's leaders and experts related to STAR Market listing review and offering & listing service. The conference is the industry's maiden exploration planned and organized by a FoF to bring together outstanding VC institutions to serve the Star Market and technology innovation enterprises, as well as a concrete move of SSC to implement the action of "Light of Pujiang" and serve the building of Shanghai Technology Innovation Center. By establishing a mechanism of regular STAR Market communication and building a bridge of targeted communication between VC institutions and the capital market, SSC will work with SSE and invested funds to cultivate more outstanding enterprises up to the standards of STAR market listing, and enhance the influence and visibility of the building of Shanghai Technology Innovation Center.

On the basis of enriching the FoF "friend circle", SSC will further bring its platform role into play, effectively connect the government, LPs, industrial groups, financial institutions, sub-funds, invested enterprises and other sides from multiple dimensions and at multiple levels, and provide "targeted, refined and considerate" services in such aspects as strategy implementation, policy connection, resource integration and industrial collaboration, so as to create a technology innovation equity investment ecosystem.

Keeping mission in mind, further building "innovation hardcore"

As China's first private equity fund named after "sci-tech center", a national strategy, SSC upholds the strategic mission of serving the national strategy of innovation-driven development and the building of Shanghai Technology Innovation Center. "Innovation DNA" is the power of fund investment operation. Over the three years, with professionalism and marketization as orientation, SSC has sharpened skills in investment, investment research and post-investment management, deepened operations in technology innovation, and shown its strong brand reputation and market influence.

At the 14th China LP/GP Summit hosted by Zero2IPO and PEdaily.cn. on August 13, 2020, the 2020 "Top 30 China VC/PE Limited Partners" list was released. Shanghai Sci-tech Capital (SSC) made the list for the second straight year since its founding in September 2017. As an authoritative LP list in China, "Top 30 China VC/PE Limited Partners" is the indicator of the VC/PE LP market. Being listed among "Top 30 China VC/PE Limited Partners" for the second straight year shows the market's recognition of SSC's professional operation and brand influence.

It is the right time to set sail against wind and waves. In the future, SSC will stay true to its mission, further deepen its functional orientation as a fund, improve the effectiveness, visibility and influence of serving the building of Shanghai Technology Innovation Center, create a leading technology innovation investment ecosystem and make more contributions to serving national strategies and Shanghai's major tasks.