The Beijing Economic and Technological Development Zone (BDA) Government Investment Guidance Fund is an equity investment fund established by the BDA Administrative Committee. It serves as the Mother of Funds (also named Fund of Funds) sponsored by the government and is operated in a market-oriented manner by Beijing E-Town International Industrial Investment Management Co Ltd.

The fund aims to amplify the leverage effect of government financial resources and, with a venture capital mindset, nurture entrepreneurship and innovation. It focuses on early-stage, small-scale, innovative, and technological investments, guiding social capital into sectors aligned with the industrial layout and strategic positioning of the BDA, thereby promoting industrial development and maturity.

According to the industrial development plan of the BDA, market-oriented sub-funds in which the fund has invested should focus on the following areas for their investment: the next-generation information technology industry, high-end automobile and new energy vehicle industry, biotech and big health industry, robotic and intelligent manufacturing industry, and other high-tech industries in line with the industrial development plan of the area.

Sub-funds are categorized into three types: angel, venture capital, and industry.

1. Angel Sub-Fund: This type of fund provides early-stage investments for original project concepts or small-scale startups. Investments in angel and early-stage small and medium-sized enterprises ("angel enterprises") should not be less than 70 percent of the total subscribed capital of the fund.

Angel enterprises are those that meet both the criteria for small and medium-sized enterprises and the following conditions:

·The enterprise has been established for no more than two years.

·The number of employees does not exceed 200, and more than 20 percent of the workforce is directly engaged in research and development.

·Sub-fund investments must be the initial external institutional investment.

·The total assets do not exceed 20 million yuan ($2.74 million).

2. Venture Capital Sub-Fund: This type of fund invests in companies with growth potential and rapid development. Investments in early and mid-term small and medium-sized enterprises should not be less than 70 percent of the total subscribed capital of the fund.

Venture capital enterprises are those that meet both the criteria for small and medium-sized enterprises and the following conditions:

·The enterprise has been established for no more than five years.

·The number of employees does not exceed 500.

·The total assets do not exceed 200 million yuan, or the annual sales revenue does not exceed 200 million yuan.

3. Industry Sub-Fund: This type of fund focuses on equity investments in unlisted or planned-to-be-listed enterprises with high growth potential. It primarily aligns with industrial layout and does not impose specific requirements on the investment project stage. It can invest in micro, small, and medium-sized enterprises, startups, growth-stage, and mature-stage enterprises. Sub-fund investments in the four leading industries of the BDA should not be less than 70 percent of the total subscribed capital of the fund.