The Jiangsu Provincial Strategic Emerging Industries Fund of Funds (hereinafter referred to as the Provincial Fund of Funds) is a guiding fund established to implement the directives of the Provincial Party Committee and the Provincial Government, leverage the roles of long-term capital, patient capital, and strategic capital, and promote the development of strategic emerging industries and the strategic planning of future industries across the province. Its aim is to accelerate the formation of internationally competitive clusters of strategic emerging industries and to position Jiangsu as a key hub for fostering new‑type productive forces.

[Revised] I. Investment Sectors

The provincial-level fund of funds operates as a corporate entity, adhering to the principles of market‑driven, rule‑of‑law‑based, and professional management. It focuses on investing in strategic emerging industries with leading roles, forward‑looking future industries, high‑tech sectors, and advanced manufacturing, thereby facilitating the implementation of major industrial projects that will help optimize the province’s industrial structure and fostering a cohort of specialized, refined, distinctive, and innovative enterprises—as well as single‑category champions—capable of effectively commanding key sub‑sectors and critical links in the value chain.

II. Main Architecture

Provincial-level mother funds primarily co‑invest with relevant prefecture‑level cities and provincial state‑owned enterprises to establish three types of industry‑specific funds: future‑industry angel funds, city‑level industry‑specialized mother funds, and provincial state‑owned enterprise‑specific industry funds. These industry‑specific funds either directly invest in projects or further leverage private capital to co‑establish industry sub‑funds.

III. Functional Positioning and Investment Model

The Future Industries Angel Fund aims to support technological innovation by focusing on early-stage, small-scale, long-term investments in hard‑tech sectors, thereby accelerating China’s drive toward high‑level scientific and technological self‑reliance and fostering forward‑looking, strategically significant, and breakthrough‑leading future industries. The fund will target the cutting edge of technological revolutions and industrial transformations, providing early‑stage support for emerging technology projects while adopting flexible and diversified approaches to capital deployment. Meanwhile, angel funds dedicated to the commercialization of university‑based scientific and technological achievements should deepen collaboration with relevant institutions, helping innovative and groundbreaking research findings move from lab to market.

The municipal-level industry-specific mother funds are designed to support prefecture-level cities in fostering the integrated development of strategic emerging industry clusters and in upgrading their local modern industrial systems. They will focus on project appraisal and capital allocation aligned with the region’s leading and priority industries, thereby helping to strengthen and expand both industry-chain flagship enterprises and high‑quality innovative firms.

The provincial state-owned enterprises’ industry-specific funds are designed to focus on areas aligned with the enterprises’ core responsibilities and primary business lines, actively fostering and strategically developing emerging strategic industries. By identifying and prioritizing projects across the upstream and downstream segments of industrial value chains, these funds aim to strengthen and enhance the enterprises’ core businesses.

Actively attract national-level funds, the National Social Security Fund, central enterprises, financial asset investment firms affiliated with large state-owned commercial banks, overseas sovereign wealth funds, and internationally renowned investment institutions to establish industry-specific funds in direct collaboration with provincial-level fund-of-funds. The specific establishment procedures and management‑operation requirements shall be implemented in accordance with the Provincial Measures for the Administration of Strategic Emerging Industry Fund-of-Funds.

IV. Arrangements for the Application Process

Provincial-level fund-of-funds conducts regular fund‑application processes, with the provincial fund‑of‑funds management company serving as the central point for receiving and processing all applications. Based on the application submissions, it carries out document review, due diligence, and expert evaluation, among other procedures.

In accordance with the relevant requirements of the Provincial Government’s Fund Management System and the Provincial-Level Fund-of-Funds Management System, the Guidelines for the Application and Operation of the Future Industries Angel Fund, the Prefecture-Level City Industry-Specific Fund-of-Funds, and the Provincial State-Owned Enterprises’ Industry-Specific Funds (2026 Edition) are hereby issued. These guidelines shall take effect from the date of their promulgation, and the previously issued application and operation guidelines are hereby repealed.

Attachment 1: Guidelines for the Application and Operation of the Future Industries Angel Fund (2026 Edition) (For details, please scan the QR code)

Appendix 2: Guidelines for the Application and Operation of Specialized Industry Fund-of-Funds at the Prefecture-Level City Level (2026 Edition) (For details, please scan the QR code)

Attachment 3: Guidelines for the Application and Operation of Specialized Industry Funds of Provincial State-Owned Enterprises (2026 Edition) (For details, please scan the QR code)

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