ICBC launches $11.04b tech and innovation fund

It will support “hard technology” such as semiconductors and advanced manufacturing.

The Industrial and Commercial Bank of China (ICBC) is launching an $11.04b (CNY80b) technology and innovation fund.

The fund aims to support “hard technology” via equity investment— referring to areas such as semiconductors and advanced manufacturing— over “soft” technology such as internet services, according to a statement.

The fund is also positioned as “patient capital” over the rush for quick profit, it said.

This comes after China laid out major policy priorities for 2025 at an annual parliamentary meeting. This included setting a government-backed fund of CNY1t from social capital to support technology startups.

Here’s more from Reuters: