Trade & Investment

Pingtan to encourage startup firms with RMB 1 billion funding

Updated: 2014-08-01
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Read more on: Pingtan Pilot Zone   startup companies  
Fujian Province and the Pingtan Comprehensive Pilot Zone will spend one billion yuan ($162 million) jointly setting up two funds in order to encourage startup enterprises in Pingtan, according to Southeast Express.

The move is aimed at addressing a financing problem, which is a common headache for many small and medium-sized emerging companies, as Pingtan is in a critical transformation era from infrastructure construction to industrial cultivation, said an employee working for the two funds.

The money will be offered as startup funds mainly for enterprises at the Taiwan Business Incubator.

The two funds are the “Eyas Fund” and the “Eagle Fund”. The former is for small companies in their early styart up phase, while the latter is for those in a growing stage with various financing approaches including equity investment, debt investment or equity-debt combined investment, the employee explained.

Pingtan will set up a financing guarantee company to accommodate the companies. It will also establish another company for fund management, he added. 
 
SOURCE:
China Daily
 
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