On August 23, China's Henan Province issued the "Implementation Plan for Venture Capital Guidance Fund" (hereinafter referred to as "Implementation Plan") to send light to science and innovation enterprises. The Implementation Plan specifies that it will play the role of demonstration and guidance of governmental funds, drive more social capital to invest in the field of venture capital, send "fresh water" to strategic emerging industries in Henan Province, and relieve the "growth troubles" of startups.

The total size of the fund is 15 billion yuan. Among them, the overall integration of support for innovation and entrepreneurship in the field of stock funds 5 billion yuan, the new incremental funds 10 billion yuan. Among the incremental funds, the size of the new mother fund is 4 billion yuan. Through the provincial cities, Jiyuan demonstration area, social capital to participate in the establishment of the mother and child fund, leveraging the contribution of 6 billion yuan.

The Implementation Plan specifies that it will focus on seed-stage, start-up, early and mid-stage innovative enterprises or innovative projects in emerging industries such as biomedicine, energy conservation and environmental protection, new generation artificial intelligence, network security, nylon new materials, intelligent equipment and other advantageous characteristic industrial chains in Henan Province.

In the future, three institutions will be selected from provincial investment companies in Henan Province as the main body of fund operation. In order to make the limited funds accurately support innovative and entrepreneurial projects, the provincial Development and Reform Commission is responsible for taking the lead in formulating the fund development strategy and planning, and recommending projects to the fund management agencies in conjunction with the provincial Department of Industry and Information Technology, the provincial Department of Science and Technology, the provincial Department of Commerce and other competent departments in accordance with the division of responsibilities for industry management. The Implementation Plan specifies that the fund's investment in Henan enterprises shall not be less than 60% of the total scale of the fund, and the investment in seed-stage, start-up, early and mid-stage innovative enterprises in emerging industries and industries with special advantages shall not be less than 60% of the total scale of the fund.