Today, the governor of Jiangsu Province unveiled a 10 billion yuan fund.

Today (May 8th), the Jiangsu Province New Strategic Industry Fund for Capital Increase and Expansion was officially unveiled in Suzhou. The fund has a scale of 10 billion yuan and is jointly funded by the provincial new strategic industry mother fund and 13 prefecture-level cities.

Investment Circle - Decoding LP learned on-site that Liu Xiaotao, the governor of Jiangsu Province, attended the event and unveiled the fund. At the event site, Chen Ning, the chairman of Jiangsu High-Tech Investment Group (referred to as "High-Tech Investment Group"), Wang Mou, the chairman of Suzhou Venture Capital Group, and Liu Chengwei, the chairman of Yuanhe Holdings, represented the three institutions to jointly sign a strategic cooperation agreement.

So far, Jiangsu's "patient capital" strategic map has added another important piece, injecting new vitality into the regional industrial upgrading.

Governor Unveils, Jiangsu's 10-Billion-Yuan Fund Is Born

In April this year, under the guidance of the provincial development and reform commission and other departments, the Jiangsu Province New Strategic Industry Fund for Capital Increase and Expansion was officially registered. As one of the provincial enterprise industrial special funds promoted by the provincial new strategic industry fund cluster, the fund has a scale of 10 billion yuan and a term of 15 years. It focuses on supporting high-quality enterprises in technological transformation, production expansion, and "growing flesh on the bones", promoting the continuous improvement and strengthening of "Made in Jiangsu".

The fund will adopt the method of direct investment in projects. The investment scope includes private placements of listed companies, cornerstone investments in Hong Kong stocks, H-share issuances of A-share listed companies, convertible bonds of listed companies, strategic placements of pre-listed companies, equity financing of subsidiaries of listed companies and high-quality non-listed companies, etc. It aims to expand effective investment and high-end manufacturing capabilities in the field of strategic emerging industries and vigorously promote the integrated development of science and technology and industries.

It is worth mentioning that the Jiangsu Province New Strategic Industry Fund for Capital Increase and Expansion is jointly established by High-Tech Investment Group, Suzhou Venture Capital Group, and Yuanhe Holdings as general partners:

Jiangsu High-Tech Venture Capital Management Co., Ltd., a wholly-owned subsidiary of High-Tech Investment Group, serves as the fund manager and the executing partner, responsible for the management and operation of the fund.

Suzhou Sucheng Multiplier Venture Capital Partnership (Limited Partnership) is jointly funded by Suzhou Venture Capital Group and Yuanhe Holdings.

In this way, a new mechanism of provincial and municipal linkage and coordinated support for high-quality enterprises' capital increase and expansion is formed, focusing on investing in key links of strategic emerging industries, future industries, and key industrial chains.

At today's event site, the three institutions of High-Tech Investment Group, Suzhou Venture Capital Group, and Yuanhe Holdings jointly signed a strategic cooperation agreement. They will deepen cooperation in aspects such as fund investment operation, project docking, and industrial coordinated development, giving full play to their respective leading advantages in capital operation, industrial research, and regional resources, jointly improving the quality and efficiency of the fund in serving the real economy, and providing professional support for Jiangsu to cultivate new productive forces.

Currently, the fund has been located in Suzhou Dongshahu Fund Town, and its substantial operation has been fully launched. Focusing on key fields such as integrated circuits, biomedicine, new energy, and high-end equipment, the fund has simultaneously established a project database, and a number of key projects to be invested are being promoted in an orderly manner.

Jiangsu's Big Breakout

This is just a microcosm of Jiangsu's venture capital boom.

Nowadays, when people mention Jiangsu, the first label that comes to mind for many is "abundant in IPOs". The latest case occurred on April 24th - Lianxun Instrument from Suzhou was listed on the Science and Technology Innovation Board, with its opening price soaring by 800%. Its stock price exceeded 1,000 yuan in just five days, becoming the ninth stock with a price of over 1,000 yuan in A-share history. With a latest market value of over 100 billion yuan, Lianxun Instrument has created substantial returns for the VC/PE behind it. Among them, Yida Capital under High-Tech Investment Group has a floating profit of 200 times.

This is just the tip of the iceberg of Suzhou's "bull stocks" map. Recently, the outside world has been surprised to find that two of the "Yizhongtian" (Xinyisheng, Zhongji Xuchuang, Tianfu Communication) that people are concerned about are from Suzhou - Zhongji Xuchuang and Tianfu Communication. Just a week ago, the market value of Zhongji Xuchuang (whose core business is supported by Suzhou Xuchuang) exceeded one trillion yuan, making it the first company in the optical module industry to cross the one-trillion-yuan threshold. Tianfu Communication is also a star ten-fold stock, with its market value once exceeding 300 billion yuan.

So far, there are already 6 A-share companies with a market value of over 100 billion yuan in Suzhou. And a year ago, this number was zero.

Wuxi's IPO achievements are also remarkable. On April 30th, Liqi Intelligence was listed on the Growth Enterprise Market. Wuxi welcomed 4 companies including Shenghe Jingwei to be listed within a month, presenting a bustling scene of "four listings in one month". So far, the total number of A-share listed companies in Wuxi has reached 131, ranking seventh in the country.

Meanwhile, good news has also been frequently reported from Changzhou, Nanjing and other places, with many companies ringing the listing bell or accelerating the IPO process. As of the end of the first quarter of this year, Jiangsu has added 5 new A-share listed companies (Tongbao Optoelectronics, Aide Technology, Aishelun, etc.) and 7 companies have passed the review, both ranking among the top in the country.

Now, there are more than 700 domestic listed companies in Jiangsu Province. The total market value exceeded 10 trillion yuan for the first time at the end of February this year, making Jiangsu the fifth province in the country to enter the "trillion-yuan market value club" after Beijing, Guangdong, Shanghai, and Zhejiang. To some extent, the number of IPOs is a barometer of the development of emerging industries, and Jiangsu's report card reflects a profound industrial upgrading battle.

Behind all this is the patient support of industrial funds and the government. In recent years, Jiangsu has continuously promoted the construction of the "1650" industrial system and the cultivation of the "51010" strategic emerging industry clusters, accelerating the transformation of industries towards high-end, intelligent, and green development. At the same time, the Jiangsu Provincial Party Committee and the provincial government attach great importance to the role of government investment funds in promoting industrial development and have promoted the establishment and operation of the provincial strategic emerging industry mother fund. So far, the total scale of the fund has reached 279.9 billion yuan, with 281 investment projects and direct equity investment of 31.4 billion yuan driven.

With the influx of funds, VC/PEs have also flocked to Jiangsu. In recent years, it has become a popular phenomenon in the venture capital circle to raise funds and invest in projects in Nanjing, Suzhou, Wuxi and other places. According to a report by Zero2IPO Research Center, in 2025, the number of investment cases in Jiangsu ranked first in the country, with more than 1,800 investments throughout the year and an investment amount of over 100 billion yuan.

Looking at it, a benign and efficient venture capital cycle from fundraising to investment and then to IPO is accelerating here. The "Jiangsu Model" has quietly emerged.

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