Chinese city joins hands with Saudi Arabia, Pakistan to nurture industrial cluster

Beijing: Shenzhen, South China’s Guangdong province at an event to celebrate Venture Capital Day, introduced a fund to go global and join hands with Saudi Arabia, Pakistan, Indonesia, Malaysia, and Brunei to nurture the 20+8 industrial cluster With leading sectors such as new energy and medical care attracting investment, companies are in a better position to do business and plan for industrial layout with Middle East countries and ASEAN member countries, according to a statement issued here on Wednesday.

Focusing on building an innovation center for industrial investment and a top-notch international wealth management center in the Xiangmi Lake New Financial Center, the event highlighted the new identity of Xiangmi Lake Global VC/PE Zone: China’s first CVC innovation service park and wealth management cluster.

At the event, Shenzhen Municipal Bureau of Local Financial Regulation and Supervision issued a guideline to accelerate the building of the international wealth management center, aiming to manage over 30 trillion yuan ($4.2 trillion)Â worth of wealth by 2025.

The People’s Government of Futian District of Shenzhen released opinions on supporting the new Xiangmi Lake Financial Center in building the core area for a top-notch international wealth management center.

Liu Lei, Executive Vice President of China Association for Public Companies, Christina Bao, managing director and co-head of the Marketing Development Division at Hong Kong Exchanges (HKEX), and Omar Malik, a representative of a fund in the Middle East, delivered speeches via video link.

Liu hoped that the launch of the Venture Capital Day of Shenzhen will boost local strategic industrial clusters, foster industries of the future and further drive local economic development so that every side gains from cooperation.

As a bridgehead in China’s capital market, HKEX is looking forward to seeing more Hong Kong-listed foreign companies and more investment from the Chinese mainland, bringing higher investment returns to all investors, Bao said.

The launching ceremony of Xiangmi Lake CVC Innovation Center, China’s first CVC innovation center, and a signing ceremony between Futian and VC institutions were also held at the event.

The event was attended by over 100 guests from home and abroad from institutions including the People’s Bank of China Shenzhen Central Sub-branch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, Shenzhen Stock Exchange, Shenzhen Municipal Government, and People’s Government of Futian District, PEs or VCs, LPs, listed firms, CVCs, unicorn companies, and media outlets.