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A fund under Singapore's Hong Leong Group has entered into an agreement with China's state-backed Shanghai Sci-Tech Innovation Center Capital to inject CNY500 million (USD70.6 million) into the Shanghai technology sector.
Hong Leong Star River will invest in the Shanghai Sci-Tech Innovation Center's Phase III Fund through a qualified foreign limited partner structure to support Shanghai's transformation into an international innovation and technology center, Shanghai International Group announced on Tuesday.
QFLP is a pilot program for cross-border capital flows into the Chinese mainland. It allows approved overseas investment institutions to convert foreign currencies into Chinese yuan and invest in domestic funds.
The introduction of Hong Leong Star River through the QFLP program is a typical case of Shanghai attracting long-term foreign capital. It will help broaden the financing channels for Shanghai's science and technology innovation enterprises and provide stable financial support for growing hard tech firms, Shanghai International noted.
Moreover, the international industrial resources and investment vision of Hong Leong will assist the invested companies in connecting with global markets, technologies, and talent, Shanghai International added. This will accelerate the transformation of technological achievements and promote the formation of industrial clusters in key areas, including artificial intelligence and biomedicine.
Shanghai Sci-Tech Innovation Center Capital is a fund of funds established in 2017, led by Shanghai International and other local state-owned enterprises. Over its eight years of operation, it has managed over CNY17 billion (USD2.4 billion), investing in more than 100 sub-funds, which have a total scale of more than CNY250 billion (USD35.3 billion).
Hong Leong was founded in 1941 by Singaporean businessman Kwek Hong Png. Its operations cover real estate, finance, and manufacturing. Hong Leong was later divided into two entities: Hong Leong Group Singapore and Hong Leong Group Malaysia. Kwek's son Kwek Leng Beng is leading the former, and his nephew Quek Leng Chan the latter.
Source: Yicai Global
