On September 24th, the State Administration of Financial Supervision and Administration of China issued a notice on expanding the pilot scope of equity investment in financial asset investment companies, expanding the pilot scope to 18 large and medium-sized cities including Guangzhou. Under the guidance of the Guangzhou Municipal Party Committee and Government and the promotion of the Guangzhou Municipal Financial Office, Industrial and Commercial Bank of China (ICBC) Guangzhou Branch recently joined forces with ICBC Capital, Guangzhou Production Investment Capital, and Guangfa Xinde to launch a pilot equity investment fund for the Financial Asset Investment Company (AIC) and hold a cooperation signing activity. Lai Zhihong, Deputy Mayor of Guangzhou, Fu Xiaochu, Director of Guangzhou Local Financial Management Bureau, Xiong Tao, President of Industrial and Commercial Bank of China Guangzhou Branch, Lu Shengdong, Vice President of Industrial and Commercial Bank of China Investment, Luo Junfu, Chairman of Guangzhou Industrial Investment Group, Qin Li, General Manager of Guangfa Securities, and others attended and witnessed the official launch of Guangzhou's first AIC equity investment fund. The intended fund size for this agreement is 10 billion yuan, with a focus on investing in strategic emerging industries such as new generation information technology, new energy vehicles, biomedicine and health, new energy and energy conservation and environmental protection, intelligent equipment and robots in the Guangzhou region. Currently, the fund has been linked to specific projects. In recent years, Guangzhou has implemented an innovation driven development strategy, adhering to the principle of industry first and manufacturing as the foundation of the city. With new industrialization as the guide, the city has coordinated the transformation and upgrading of traditional industries, accelerated the development of emerging industries, and the construction of future industrial layouts. The number of high-tech enterprises and technology-based small and medium-sized enterprises has exceeded 13000 and 21000 respectively, with 354 national level specialized, refined, and new "little giant" enterprises, 31 national level manufacturing industry champions, and 24 unicorn enterprises. In order to better serve industrial development, Guangzhou is making every effort to build a patient capital gathering place and a highland of new quality productivity, strengthen market demand traction, expand the supply of fiscal and financial resources, and attract and cultivate more long-term capital to enter the field of innovation investment. After the 150 billion yuan Industrial Investment Fund, 50 billion yuan Venture Capital Fund, and 10 billion yuan Angel Fund, Guangzhou quickly responded by launching the first AIC equity investment fund in Guangzhou after expanding the pilot area. Next, the Financial Office of the Guangzhou Municipal Party Committee will work with relevant units to cultivate and strengthen patient capital in accordance with the work requirements of the Guangzhou Municipal Party Committee and Government, promote major financial asset investment companies to establish equity investment funds in Guangzhou, attract market-oriented leading venture capital institutions to participate, accurately connect with the financing needs of technology enterprises, help innovative enterprises break through development bottlenecks, achieve rapid growth, further stimulate the vitality and potential of technological innovation in Guangzhou, do a good job in technology finance, and promote the development of strategic emerging industries in Guangzhou. (New Society)