Tsinghua Holdings, the investment firm backed by Tsinghua University, commits at least $7.6bn to research over the next five years and will set up a commercialisation fund.
Tsinghua Holdings, an investment firm solely backed by Tsinghua University, revealed it will invest a minimum of RMB50bn ($7.6bn) in research over the next five years and establish a commercialisation fund, Bloomberg wrote on Monday.
The spinout-focused fund will have a size of RMB10bn.
Tsinghua also expects to establish 1,000 incubators across China by 2021 and another 50 internationally, including in the US, the UK and Germany. The firm will aim to support 500 startups and help them reach valuations of at least RMB100m.
Tsinghua will focus on its core markets when considering international opportunities, such as integrated circuits, but also make forays into environmental protection, new energy and materials.
The firm’s portfolio currently consists of domestic startups primarily, but Tsinghua plans on increasing the share of international companies from 5% to 30% within the next few years.
Xu Jinghong, chairman of Tsinghua Holdings, said: “China is still lagging in terms of indigenous and core technologies, and there needs to be some companies to act as pioneers and push ahead with innovation.”
