China launches venture capital funds to invest in 'hard technology', state media report

BEIJING, Dec 26 (Reuters) – China on Friday launched three venture capital funds to invest in "hard technology" areas, state broadcaster CCTV reported. The capital contribution plans for the funds have been finalised, each with more than 50 billion yuan ($7.14 billion), according to the report. The funds will primarily invest in early-stage startups and the targets should be valued at less than 500 million yuan, an official said on Friday, adding that no single investment would amount to more than 50 million yuan. The funds' expected targets include firms focused on integrated circuits, quantum technology, biomedicine, brain-computer interfaces, aerospace and other key hard technologies. "Soft" technologies would include internet services. ($1 = 7.0070 Chinese yuan) (Reporting by Beijing newsroom; Editing by Himani Sarkar and Thomas Derpinghaus)

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