On November 9, phase II of the venture capital fund initiated by Jiangbei Industry Investment Group and Centurium Capital gained approval. The fund totaled RMB 3 billion, in which overseas funding contributing to USD 80 million maximum. It is one of Nanjing’s first QFLP funds.

Following the Interim Guidance for Trial Implementation of Qualified Foreign Limited Partnership Program in China (Jiangsu) Pilot Free Trade Zone Nanjing Area jointly issued by Nanjing Financial Regulatory Administration and Nanjing Jiangbei New Area Administrative Committee, Centurium Capital started the preparation of materials and Jiangbei Industry Investment Group coordinated with relevant departments to ensure timely approval of the QFLP share. The establishment of the first group of QFLP funds marked further progress in market-based fund operation in China (Jiangsu) Pilot Free Trade Zone Nanjing Area and the opening of a new channel for foreign investment, which is conducive to greater openness in Nanjing’s financial sector to invite the contribution of more international capitals to the development of Jiangbei New Area as a chip town, a gene town, and a new finance center and the development of Nanjing as an innovation hub. It has been told that the fund will mainly target at the areas of integrated circuit, biomedicine, and enterprise services and consumption.