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Official Establishment of ZJ Lab Sci-Tech Achievement Transformation Fund with Initial Investment of 500 Million Yuan
Date: 2023-11-10

The signing ceremony of the ZJ Lab Sci-Tech Achievement Transformation Fund and the first transformation projects roadshows took place at Zhejiang Lab (ZJ Lab) on October 26, 2023.

ZJ Lab Sci-Tech Achievement Transformation Fund is administered by Hangzhou ZJ Lab Sci-Tech Venture Capital Management Co., Ltd., jointly established by Zhejiang Lab Technology Holdings Co., Ltd. and ZJKF Capital Management Co., Ltd. The Fund mainly invests in ZJ Lab's S&T achievement transformation projects and pan-ecological projects, initially amounting to 500 million yuan. Its investors include Zhejiang Provincial Financial Holdings Co., Ltd. (Zhejiang Financial Holdings), CITIC Hangzhou Chengxi Sci-tech Innovation Corridor Industry Fund, Hangzhou State-owned Capital Investment and Operation Co., Ltd., (Hangzhou Capital), and Hangzhou Yuhang State-owned Capital Investment Operation Group Co., Ltd. (Yuhang Capital).

YUAN Jixin, Vice President of ZJ Lab, said that ZJ Lab Sci-Tech Achievement Transformation Fund was established under the pattern of "government-led fund + social capital + professional investment institutions", and it focuses on investments in upper & down streams of ZJ Lab's innovation and industry chains to accelerate the formation of new high-quality productive forces, incubate high-tech enterprises, and foster strategic emerging industries, so as to create an S&T innovation ecosystem model with ZJ Lab's characteristics.

"The transformation of S&T achievements is a complicated process, in which a prototype must be produced scientifically and then commercialized and applied in industrial production. This requires the precise synergy among enterprises, universities, research institutes, end-users and financial services, and the deep integration of innovation, industry, capital and talent chains, so that the achievement can burgeon and bear fruit as soon as possible. To achieve this goal, it is important to initiate the Transformation Fund," YUAN Jixin said at the signing ceremony.

WANG Zheng, Deputy General Manager of Zhejiang Financial Holdings, said that signing contracts with ZJ Lab Sci-Tech Achievement Transformation Fund is the starting point for long-term cooperation between all parties involved. In the next step, Zhejiang Financial Holdings will work closely with ZJ Lab and investors to follow up on the Fund's post-investment empowerment and explore how an S&T innovation FoF ecosystem is built, serving the building of the "315" S&T innovation system.

SONG Jun, General Manager of CITIC Investment Holdings Limited, expressed the hope that the cooperation with ZJ Lab Sci-Tech Achievement Transformation Fund is seen as an opportunity to deepen strategic mutual trust, and make joint efforts to expand and upgrade industries by leveraging CITIC's financial and industrial advantages and ZJ Lab's technological innovations, in order to foster a virtuous cycle of "technology, industry and finance" and provide long-term support for the development of national emerging industries.

WANG Lin, Deputy General Manager of Hangzhou S&T Innovation Group Co., Ltd. (Hangzhou Kechuang) said that Hangzhou Capital is making active explorations concerning the operation mechanism of the fund for the transformation of S&T achievements, and will establish "institute-enterprise sub-funds" jointly with Hangzhou's universities and leading enterprises. ZJ Lab Sci-Tech Achievement Transformation Fund is just one of the first funds for cooperation between research institutes and enterprises. Hangzhou Kechuang looks forward to pragmatic and efficient cooperation in the future, contributing to S&T progress and high-quality economic development.

MENG Zhigang, Chairman of Yuhang Capital, said that he is confident and supportive of this cooperation, and is firmly optimistic about ZJ Lab's R&D capabilities. In the future, Yuhang Capital will take equity investment as an effective means to deepen cooperation with ZJ Lab, and work together to create an S&T innovation hub in order to truly realize the efficient transformation of S&T achievements and thus drive high-quality industrial development.

At present, ZJ Lab has generated a number of high-level S&T achievements in intelligent chip, intelligent equipment, intelligent transport, intelligent healthcare and intelligent education, including software, systems, platforms, hardware and equipment, etc. At the signing ceremony, roadshows were conducted for seven projects from ZJ Lab, including a new photoacoustic microscope for rapid intraoperative pathological diagnosis, a real-time intelligent health monitoring system for wind turbine blades, and an intelligent electric vertical takeoff and landing (eVTOL) aircraft.