Top insurance investment fund established in Optics Valley
Optics Valley of China established a top new insurance fund investment platform with China Insurance Investment Co Ltd and China Communication Construction Company Fund Management Co Ltd on Sept 27 -- injecting new impetus into the development of the zone.
Optics Valley, which is also known as East Lake High-tech Development Zone, is located in Wuhan city in Central China's Hubei province.
The platform was funded and established by the two companies, with the partners having joint control of the equity.
The fund, which is in charge of a 20 billion yuan ($2.93 billion) in assets, will focus on the post coronavirus epidemic recovery of the zone and the development needs of emerging industries.
The funds will be used to increase investment in the construction of national strategic industrial projects.
These include optical communications, integrated circuits, new displays, intelligent manufacturing, biomedicine and medical equipment, the digital economy, the zone's infrastructure and the development of a science and technology new town, among others.
So far, State-owned enterprises in the zone have stepped up contacts with member enterprises on the platform, to provide project reserves for subsequent investment by the fund.