A 20-billion-yuan ($2.73 billion) science and technology innovation investment fund was launched at the 2023 Innovation Development Conference held in Shanghai’s Lin-gang Special Area on Oct 24.

The fund, which will provide financial support to important sectors in Shanghai and Lin-gang, is headed and co-founded by the Lin-gang Special Area Administration, the Shanghai Lingang Economic Development (Group) Co Ltd and other entities.

During the conference, the Lingang Group announced that it is planning to establish several new projects, including Shanghai's first humanoid robot core innovation hub, new business labs focusing on optoelectronics in the Hongqiao area, and the Sinan Incubator for emerging fields like life sciences and semiconductors.

"The group is building a comprehensive empowerment system centered on technology, digitization, sustainability, services, finance and overseas innovation," said Yuan Guohua, Party secretary and chairman of Lingang Group.

The group will in December hold an international incubator forum that will see over 100 global experts discuss issues related to frontier technologies, scientific research transformation and the potential for cross-border joint incubation.

The Jing-Jin-Ji National Center of Technology Innovation, the Yangtze River Delta National Technology Innovation Center and the Caohejing Hi-tech Park signed an agreement at the conference to establish the Shanghai Advanced Technology Innovation Center.

The 2023 index for the Lingang Group Science and Innovation Park's system capability was also released during the event. According to the index, the park's innovative capacity had increased from 100 in 2020 to 184.19 in 2022.

To date, Lingang Group's self-operated incubators have supported nearly 3,000 businesses, including 45 listed firms and unicorns.