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Apr 20, 2024 - 19:26
By asia.nikkei.com

Shanghai creates $18bn state investment giant to back startups

Shanghai is kicking off a merger between the city's two leading state-owned investment firms to create a 130 billion yuan ($18 billion) juggernaut to back innovation and technology startups.

The municipality's state-owned asset administration on Wednesday announced plans to consolidate Shanghai State-Owned Capital Investment with Shanghai Science and Technology Venture Capital (Group) Co. (Shanghai STVC), both controlled by the city government.