Shanghai State-owned Assets invested 4.7 billion yuan at one go.

An inspiring scene at the beginning of the year.

Touzijie - Decoding LP learned that the Shanghai Three Leading Industries Mother Fund released the public notice of the selection results for the third batch of sub - funds. A total of 17 sub - funds were selected, with a proposed investment amount of 4.71 billion yuan in total. The total scale of the funds is 22.89 billion yuan, with a magnification factor of 4.86 times.

Established in July 2024, the fund manager of the Shanghai Three Leading Industries Mother Fund is Shanghai Guotou Leading Co., Ltd. (a wholly - owned subsidiary of Shanghai Guotou Co., Ltd.). In less than two years, it has cumulatively approved investment of approximately 41 billion yuan, leveraging nearly 200 billion yuan of social capital with a leverage effect of about 5 times, which is quite remarkable. This is also a vivid portrayal of Shanghai's scramble for emerging industries.

Shanghai Guotou invests 4.7 billion yuan

To invest in 17 funds

The applications were enthusiastic.

Touzijie - Decoding LP learned that the selection of the third batch of sub - funds of the Shanghai Three Leading Industries Mother Fund was officially launched on July 28, 2025. By the end of the application period, a total of 53 institutions actively applied. After processes such as expert review, project establishment due diligence, on - site defense, and formal investment decision - making, high - quality sub - funds that meet the "Shanghai Plan" were selected. The final list is as follows:

A total of 4 sub - funds were selected in the third - batch selection for the integrated circuit industry, with a total proposed investment decision amount of 1.4 billion yuan and a magnification factor of 5 times. Among them, Xinlian Capital and Shixi Capital are directly acting as CVCs by major players in the integrated circuit industry chain. Lanqi Technology is a leading chip design enterprise in Shanghai, and it initiated the establishment of a fund mainly focusing on merger and acquisition strategies this time. The Free Trade Zone Fund is a local state - owned asset manager in Shanghai, which has been deeply involved in Shanghai for 10 years, and behind it are the figures of industrial parties such as Fulede Group, Xianfeng Jingke, and Saimeite.

It is worth mentioning that these 4 funds have provided a total of 41 reserve investment projects in Shanghai, with a total proposed investment amount of over 3 billion yuan. The proposed investment projects cover a wide range of tracks such as storage, AI chips, core components and materials, high - end equipment, and advanced packaging. At the same time, the 4 funds have provided a total of 20 projects for attracting investment in Shanghai, including 6 cases where the corporate headquarters are proposed to be relocated.

A total of 7 sub - funds were selected in the third - batch selection for the biomedicine industry, with a total investment decision amount of 1.74 billion yuan and a magnification factor of 3.9 times. Among them are vertical leading funds in biomedicine represented by Defu Capital and Bencao Capital, as well as large - scale industrial cooperation funds represented by the second - phase Shanghai Biomedical Industry Fund, Sansheng Pharmaceutical Industry Fund, Yinlian Hengrui Fund, and Hongsheng Heyuan Fund.

The above 7 funds have provided a total of nearly 30 reserve investment projects in Shanghai, with a total proposed investment amount of over 1 billion yuan. The proposed investment projects cover a wide range of tracks such as gene and cell therapy, nuclear medicine, brain - computer interface, and synthetic biology. In addition, the 7 funds have provided a total of more than ten projects for attracting investment in Shanghai. The projects cover investment/incubation companies of domestic leading listed companies, giving full play to the global amplification effect of Shanghai's biomedicine industry.

A total of 6 sub - funds were selected in the third - batch selection for the artificial intelligence industry, with a total investment decision amount of approximately 1.57 billion yuan and an overall magnification factor of approximately 5.8 times. Firstly, there are CVC funds of industry leaders represented by Cathay Capital and Tongge Capital; secondly, there are early - stage cultivation funds represented by Futeng Embodied Intelligence Fund, Lingang Science and Innovation Fund, Koala Fund, and Yangtze River Delta Digital Intelligence Fund, which focus on directions such as embodied intelligence, AI applications, and AI4S.

These 6 funds have provided a total of 44 reserve investment projects in Shanghai, covering key directions such as basic models and algorithms, embodied intelligence and robots, AI4S, intelligent terminals, and AI applications. At the same time, they have provided a total of 40 projects for attracting investment in Shanghai, including multiple cases of relocating corporate headquarters or core businesses, as well as a number of projects for establishing subsidiaries and R & D centers.

Shanghai's venture capital boom

This scene is a microcosm of Shanghai's intensive layout in venture capital.

The venture capital circle still remembers that in March 2024, the Shanghai State - owned Assets Supervision and Administration Commission announced the promotion of the establishment of an industrial investment mother fund with a total scale of 100 billion yuan around the three leading industries of integrated circuits, biomedicine, and artificial intelligence. After that, the three leading industries mother funds were officially launched, and Shanghai Guotou Co., Ltd. is the manager of the three leading industries mother funds.

As the core functional platform in Shanghai Guotou's layout of "mother fund + sub - fund + direct investment", Guotou Leading shoulders the heavy responsibility of strengthening the global competitiveness of Shanghai's three leading industries of integrated circuits, artificial intelligence, and biomedicine.

For example, the Shanghai Guotou Leading Artificial Intelligence Fund has currently completed a full - stack layout in tracks such as AI computing power, data corpus, models, embodied intelligence, edge - side AI, and AI+X. It has invested in leading enterprises in the industry chain such as Biren Technology, Copas, MiniMax, Jieyue Xingchen, and Zhiyuan Robotics, as well as leading sub - funds such as Qiming Venture Partners, BlueRun Ventures, and Zhongke Chuangxing, constructing a hardcore fund ecological cluster.

As an enabler of the industrial ecosystem, Guotou Leading always adheres to the investment concept of "investing in early - stage, small - scale, high - tech, and key projects", precisely guiding funds to the technological frontiers with the greatest potential for breakthrough, and is committed to breaking the difficult situation of early - stage financing for science and technology innovation enterprises. Data shows that among the 25 sub - funds selected in the first two public selections, the proportion of "early - stage, small - scale, and high - tech" projects in the invested projects is nearly 60%.

With the nourishment of capital, Shanghai has always been at the forefront of emerging industries, cultivating a large number of super IPOs. Just like the recent star IPOs in the venture capital circle such as Biren Technology, MiniMax, and Muxi, which were all born in Shanghai. In addition, the IPO application of Suiyuan Technology, one of the "Four Little Dragons of Domestic GPUs", on the Science and Technology Innovation Board has just been accepted. This super unicorn also emerged in Shanghai.

Moreover, Shanghai is leaving a more and more hardcore impression on the outside world. In the booming robot field, the headquarters of well - known star enterprises such as Zhiyuan and Fourier are located in Shanghai. In the field of AI large models, there are unicorns such as Jieyue Xingchen, which recently raised 5 billion yuan in financing, and Wuwen Xinqiong. In the field of brain - computer interface, enterprises such as Naohu Technology and Jieti Medical have emerged.

Recently, Shanghai's nuclear fusion industry has also impressed the outside world deeply. Enterprises such as Xinghuan Jueneng, Dongsheng Jueneng, Nova Fusion, Energy Singularity, and Chaoci Xinneng are all based in Shanghai. "By 2035, China may see the first kilowatt - hour of electricity generated by controllable nuclear fusion. It seems that only Shanghai can achieve this." Yang Zhao, the founder of Energy Singularity, once said. A "City of Fusion" is faintly emerging.

All in all, Shanghai's determination to compete for future industries is self - evident, and an action map for emerging industries is slowly unfolding.

This article is from the WeChat public account "Decoding LP", author: Zhou Jiali. It is published by 36Kr with authorization.