18.9 billion, a super state-owned asset in Shenzhen is born

According to investment industry news source "Decoding LP", the Shenzhen Guochuangyin Science and Technology Innovation Investment Partnership (Limited Partnership) (hereinafter referred to as the "Guochuangyin Science and Technology Innovation Fund"), with a scale of 18.9 billion yuan, has officially completed industrial and commercial registration.

After in - depth analysis, behind this fund stands a group of state - owned assets, including the Shenzhen Municipal Government - Guided Fund, Huitong Financial Holding, Qianhai Financial Holding, Longhua Capital, Bao'an District Industrial Investment Guided Fund, Longgang Financial Holding, and Guangming Science City.

The Shenzhen Government - Guided Fund has always been a trendsetter in the industry. Such a development has attracted wide attention.

An 18.9 - billion - yuan super fund from Shenzhen has arrived

Specifically, the Guochuangyin Science and Technology Innovation Fund was registered on December 15, 2025, with a contribution of 1.89 billion yuan. Its registered address is in Nanshan Street, Qianhai Shenzhen - Hong Kong Cooperation Zone, Shenzhen.

Further investigation shows that the fund manager is Shenzhen Guochuangyin Investment Co., Ltd.. Equity penetration reveals that this company is wholly - owned by Shenzhen Municipal Government - Guided Fund Investment Co., Ltd.

Let's take a look at the powerful LP lineup:

The Shenzhen Municipal Government - Guided Fund contributed 12.8 billion yuan, accounting for approximately 67.7213%, and indirectly holds 0.0053% of the shares through Shenzhen Guochuangyin Investment Co., Ltd.

In addition, Huitong Financial Holding, under the jurisdiction of Shenzhen Nanshan District, contributed 3 billion yuan, holding 15.8722% of the shares and ranking as the second - largest contributor. Qianhai Financial Holding's Shenzhen Qianhai Industrial Guided Equity Investment Fund Co., Ltd. is the third - largest contributor, with a subscribed capital contribution of 2 billion yuan, accounting for 10.5815%.

Longhua Capital, Bao'an District Industrial Investment Guided Fund, and Longgang Financial Holding each contributed 300 million yuan, each accounting for 1.5872%. Guangming Science City contributed 200 million yuan, accounting for 1.0581%.

Shenzhen's state - owned assets have always been at the forefront of the industry. Official data shows that since 2015, Shenzhen has established a government investment fund at the scale of tens of billions. The paid - in capital has exceeded 150 billion yuan. Thirteen government investment - guided funds have been established in batches, leveraging nearly 500 billion yuan of capital and setting up more than 300 sub - funds.

In addition, Shenzhen's state - owned assets have also created a group of state - owned funds, including seed funds, angel funds, venture capital funds, industrial funds, merger and acquisition funds, mother funds, S funds, and talent funds. There are more than 500 various funds, with a total fund scale of over 700 billion yuan. More than 90% of the funds are invested in strategic emerging industries and future industries.

It is remembered that Shenzhen has set a goal: by the end of 2026, strive to form a "double - trillion" pattern in the city - a trillion - level "20 + 8" industrial fund group and the number of registered equity investment and venture capital funds exceeding 10,000.

The booming scene in Shenzhen

The prosperity of venture capital leads to the prosperity of industries. At present, the flow of venture capital has become an important force for local areas to develop science and technology innovation. On the same day when the Guochuangyin Science and Technology Innovation Fund was registered, Shenzhen continued to take actions:

At a meeting of the Standing Committee of the Shenzhen Municipal Party Committee, Shenzhen outlined nine key points for the economic work in 2026, which mentioned -

It is necessary to accelerate the cultivation and expansion of new driving forces, promote the integrated development of education, science and technology, and talent, strengthen the in - depth integration of scientific and technological innovation and industrial innovation, speed up the development and expansion of emerging industries, the formation and growth of future industries, and the optimization and upgrading of traditional industries. Build a modern industrial system with Shenzhen's characteristics and advantages and stronger international competitiveness, and strive to make new and greater contributions to the construction of the Guangdong - Hong Kong - Macao Greater Bay Area International Science and Technology Innovation Center.

Meanwhile, the Financial Affairs Office of the Shenzhen Municipal Party Committee held a plenary meeting and further proposed: Support the reform of the Growth Enterprise Market, continuously promote a series of special actions in the capital market, listing cultivation, mergers and acquisitions, venture capital, etc., and consolidate and enhance the vitality and competitiveness of Shenzhen's capital market.

In addition, Shenzhen also issued the "Several Measures on Strengthening the Service and Guarantee for Young Talents to Develop in Shenzhen", further refining the talent recognition standards -

For example, fresh college graduates can enjoy free accommodation for up to 15 days. Young talents for employment and entrepreneurship can enjoy transitional housing at 60% of the market price for up to three years. In addition, there are also entrepreneurial spaces with free rent for entrepreneurs, entrepreneurial subsidies of up to 30,000 yuan, and R & D funds of up to 1 million yuan, etc.

For talent settlement, Shenzhen directly offers monetary rewards: up to 100,000 yuan for doctors, up to 50,000 yuan for master's degree holders, and up to 30,000 yuan for undergraduates.

All these are quite impressive.

In the past year, Shenzhen has been very active in the venture capital circle. In June this year, Insta360, which emerged from Shenzhen, was listed on the Shanghai Stock Exchange's Science and Technology Innovation Board, bringing the first post - 90s founder to the board. In addition, the two hottest unicorns in the venture capital circle this year - Xin Kailai and Tuozhu Technology - are both from Shenzhen.

After DJI, hardware entrepreneurship in Shenzhen has become popular again in the AI era. Star companies such as Insta360, Tuozhu, Yunjing, and AfterShokz have emerged. Embodied intelligence companies such as Ubtech, Yuejiang, Zhongqing, Zhujidongli, and Zhipingfang are clustered in Shenzhen. Relying on the supply - chain system accumulated over the years, investors keep coming to look for projects.

"The cafes next to DJI are full of investors", which is a portrayal of Shenzhen in the era of AI hardware entrepreneurship.

This article is from the WeChat official account "Decoding LP". Author: Yang Wenjing. Republished by 36Kr with permission.