The China-Sweden Technology and Innovation Fund was jointly launched by the Shenzhen Investment Holdings Co., Ltd. and Sweden Innovation and Development Group, with the aim to raise a total 10 billion yuan ($1.45 billion) to help bring Swedish technology and research to China.
The fund, which has been called the Infotech National Emerging Industry Investment Guidance Fund, has been registered in Shenzhen's Longgang district, the China Money Network reported.
According to the report, the Shenzhen-based China-Sweden Tech Fund will focus its investments in Swedish mature technologies such as life science and those in the general healthcare sector, to help them enter and develop in China.
The report said that 80 percent of the capital will be invested in new and emerging industries, while 20 percent will be used for late-stage investment in these industries.
The investment strategy used in earlier funds will be applied in which China's capital, market and consumer demand are combined with advanced technologies from countries such as France, the U.S., Israel and Germany, the report said.
The fund has also partnered with state-owned and private companies as well as Postal Savings Bank of China Co Ltd, Shenzhen Longgang Financial Investment Holdings Ltd, Anhui Province High-Tech Industry Investment Co Ltd, Hefei High-Tech Construction Investment Group and Henan State Land Asset Management Co Ltd, the report said.
According to information from the Invest Shenzhen website, the Sweden Innovation and Development Group is a Swedish life sciences company that invests in next generation innovative medical technology and clinical management systems, with ties to the Karolinska Institute, a medical university in Solna, within the urban area of Stockholm.
Shenzhen Investment and Sweden Innovation and Development Group also launched a China-Sweden Technology and Innovation Research Institute, which aims to get the cooperation of first-class universities such as the Karolinska Institute and the Royal Institute of Technology to seek other major enterprises and promote their establishment in Shenzhen.
Chinese enterprises may also use the institute as a platform to make use of high-end life science technology, and strengthen the control and management of investment assessment.