The Lin-gang Special Area Dahe Asset Allocation Fund was established and launched on June 18, with an initial 30 billion yuan ($4.6 billion), to boost the high-quality development of industry in the area in Shanghai.

Lin-gang Special Area holds an opening ceremony for the new fund which is to operate in the area. [Photo/WeChat account: shlgguanweihui]

The fund was formed by the Lin-gang Special Area Administration and Shanghai Dahe Long-term Investment Management Co Ltd.

Dahe Long-term Investment Management, based in Shanghai, has raised and managed the largest private asset allocation fund in China.

The new Lin-gang fund will mainly invest in the integrated circuits, biomedicines, high-end manufacturing, artificial intelligence and other fields in the Lin-gang and Yangtze River Delta regions.

The fund will mainly operate through equity investments and it will reportedly adopt multi-asset investment strategy.

This will combine Fund of Funds and direct equity investment. The aim is to leverage the resources of government, finance and industry, to form a long-term mechanism for finance to support the transformation and upgrading of the real economy.

To date, the total registered and signed funds in Lin-gang Special Area have exceeded 260 billion yuan.

A sign ceremony for a major new fund is held on June 18. [Photo/WeChat account: shlgguanweihui]