To enhance innovation in China's high-tech sector, Tsinghua Holdings sets up a tech transfer fund. (Photo : Reuters)
Technology conglomerate Tsinghua Holdings is setting up a technology transfer fund, with an initial investment of 500 million yuan, to foster innovation in China's high-tech sector.
The move initiated by the Tsinghua University-backed group is a first in the country.
Tsinghua Holdings chairman Xu Jinghong announced that the fund will invest in various research and development endeavors in different technologies, such as medical and electronic.
"We are considering various cooperation models like equity investment, joint development of projects or undertaking their business in the Chinese market," Xu said, discussing the group's plan to speed up its partnerships with global technology giants like Facebook Inc.
Last month, Xu told China Dailly that the firm eyes to invest at least 30 billion yuan for mobile chip technology development.
"Mergers and acquisitions will help strengthen our technology research capabilities. But that is not what we are looking for. We want to enhance technology research after the M&A process or even develop independent research and development capabilities," he noted.
Meanwhile, Xu enthused that he is optimistic that "China will see stable and healthy growth in the next few years, with high-tech industries seeing even faster development."
"Innovation will help companies adapt to the economic 'new normal' and achieve smooth transition," he further said.
Commenting on the company's various deals with foreign firms, Xu stated that the deepening global economic integration is expected to get a further fillip with the development of Internet technologies.
"It is an ideal environment for the company to expand in the international markets," he added.
Tsinghua Holdings has a registered capital of 2 billion yuan.
