A new private equity fund for hard-tech startups jointly established by Pingshan District, Shenzhen Investment Holdings Capital (SIHC), and Bank of Communications (BOCOM) has completed its filing with the Asset Management Association of China.

The Shenzhen Pingshan High-Tech Zone SIHC Jiaorong Hard-Tech Private Equity Venture Capital Fund is notable for introducing bank-affiliated capital through Financial Asset Investment Company (AIC) channels. The fund links the industrial ecosystem of a municipal State-owned enterprise with the financial resources of the banking sector, an arrangement expected to strengthen Pingshan’s ability to attract strategic emerging industries and drive innovation.

As Shenzhen’s eastern center, a core area of the national high-tech zone, and a pilot zone for future industries, Pingshan has developed a hard-tech ecosystem centered on new energy and intelligent connected vehicles, biopharmaceuticals, next-generation information technology, and artificial intelligence (AI). The ecosystem is supported by extensive intelligent manufacturing applications, a well-established supply chain, and targeted policy support.

Leveraging the financial strengths of SIHC and BOCOM AIC, the fund will focus on AI and robotics, next-generation information technology, and high-end equipment and instruments. It will invest primarily in early-stage and growth-stage hard-tech projects, aiming to connect R&D, investment, and industrialization while attracting high-quality projects and supporting local technology companies.

The launch comes as China expands pilot programs for AIC equity investment, with bank-backed patient capital increasingly flowing into the hard-tech sector. Pingshan’s initiative is aligned with Shenzhen’s goal of becoming a globally influential hub for industrial technology innovation, as well as with the city’s “20+8” industrial cluster plan and the district’s strategy for developing its four pillar industries.

The fund will invest in hard-tech projects with independent innovation capabilities, leverage capital to promote industrial development, and help commercialize more innovations in Pingshan.