The venture capital guidance funds from the Beijing-Tianjin-Hebei region, the Yangtze River Delta region, and the Guangdong-Hong Kong-Macao Greater Bay Area have completed business registration and meet the conditions for operation, the National Development and Reform Commission said.

With a total value of over 50 billion yuan ($7.1 billion) each, the funds are expected to empower China's technology innovation enterprises.

Huo Fupeng, director of the Innovation-Driven Development Center of the NDRC and president of the National Venture Capital Guidance Fund Co Ltd, told Shanghai Observer that the three funds are regional funds in the three-tier structure of the national venture capital guidance fund, important carriers for implementing national strategic intentions, functional entities for amplifying national funds and conducting investment business, and key links for promoting the smooth and efficient operation of funds.

The fund from the Beijing-Tianjin-Hebei region is managed by CICC Capital, a subsidiary of China Investment Corporation, and will fully mobilize the enthusiasm of central financial enterprises, do a good job in technology finance, and promote the key participation of banks, insurance, securities, and other institutions.

The fund from the Yangtze River Delta region is managed by SDIC Unity Capital, a subsidiary of SDIC Group. It will serve as a driving force for high-quality regional development, gather various social capital, and empower the growth of regional science and technology innovation enterprises.

The fund from the Guangdong-Hong Kong-Macao Greater Bay Area is managed by Shenzhen Capital Group Co Ltd, which will fully leverage the role of Shenzhen as a pioneer for reform and opening-up and a socialist demonstration zone, encourage various market entities to actively participate, and highlight the diversified characteristics of funds.

Huo said that the three regional funds have signed investment intention agreements with 49 sub-funds and 27 projects. In the next step, 600 sub-funds will be established to serve emerging industries and future industry development.

Management teams and entrepreneurial enterprises are welcome to actively connect with the three regional funds, to meet the financing and development needs of more entrepreneurial enterprises, he added.