At a Oct. 30 healthcare industry conference in Hangzhou's Qiantang district,
officials said the district has built a 'mother fund + X fund' fund-of-funds
framework, pooling Zhejiang's '4+1' industry fund, Hangzhou municipal 'Runmiao'
fund and social capital to form 38 biopharma sub-funds. The combined fund matrix
exceeds 30 billion yuan.