Shenzhen has built a full‑lifecycle state capital fund system with over 500
funds; more than 90% of allocations target the "20+8" strategic emerging and
future industries. As of last year there were about 1,500 private equity and
venture managers in the city manage CNY1.4 tln of funds, roughly 10% of the
national total. By end‑Q1 state capital funds dedicated to early‑stage projects
exceeded CNY70 bln, reflecting a focus on earlier, smaller, longer‑term and
hard‑tech investments. The Shenzhen government guidance fund managed by Shenzhen
Capital Group has invested in 3,500+ projects, helped 408 portfolio firms list
across capital markets, and about 1,000 invested companies have been designated
national "specialized, refined, differentiated and innovative" small‑giant
enterprises.
