Suzhou New District Hi-tech Industrial Co., Ltd (SHA: 600736), a prominent company in China’s high-tech industry, has declared plans for the establishment of a provincial biopharmaceutical special fund of funds (FOF) in collaboration with its subsidiaries, Suzhou Hi-tech Venture Capital, and Suzhou Medical Device Industry Development Group Co., Ltd. This strategic move will involve the participation of their controlling shareholder, SND Group. The financial commitments for the initiative are substantial, with Suzhou New District Hi-tech Industrial Co., Ltd contributing RMB 584 million, Suzhou Hi-tech Venture Capital investing RMB 117 million, and SND Group matching the primary contributor with an equal amount of RMB 584 million.
This joint venture aims to capitalize on the growing biopharmaceutical sector by pooling resources and expertise, thereby enhancing investment opportunities and fostering innovation within the industry. The formation of the FOF underscores the company’s commitment to expanding its presence in the medical and pharmaceutical space, leveraging the synergies between its subsidiaries and the financial muscle of its controlling shareholder.- Flcube.com
