Pharmaceutical fund settles in Suzhou New District

The Innovative Pharmaceutical Investment Fund is established in Suzhou New District on June 22. [Photo/WeChat account: snd-szgxqfb]

The Innovative Pharmaceutical Investment Fund was established in Suzhou New District on June 22.

As the flagship fund of Shiyu Capital, a healthcare-focused private equity investment fund, the new fund will continue to focus on China's medical industry and aims to invest its first 3 billion yuan ($470 million) in 17 projects.

Pan Yuefei, deputy director of Suzhou New District's management committee, spoke at the opening ceremony, noting the fund would surely entice more outstanding medical companies to Suzhou.

Settling in the district's finance town, the Innovative Medical Investment Fund, together with 400 other financial institutions, will promote efficient integration of industrial and financial capital for the development of Suzhou into a national hotspot of private investment funds.

Suzhou Finance Town, established in 2016, has attracted capital of approximately 80 billion yuan ($12 billion). Initial construction was completed and went into service last year; the next phase is currently under construction.

Suzhou Finance Town has attracted capital of approximately 80 billion yuan ($12 billion) and is home to more than 400 financial institutions. [Photo/WeChat account: snd-szgxqfb]