After raising funds of 250 million yuan ($40.75 million), Harbin Fude Ventures unveiled its nameplate at the Technology Building in Songbei district, Harbin, capital of Heilongjiang province, on Nov 6.

Yang Tingshuang, director of the Heilongjiang Provincial Science & Technology Bureau; Liu Yihao, chief representative of the New York Stock Exchange in China; and other related executives of companies and officials attended the launching ceremony.

Harbin Venture Capital Group reached an agreement with Shanghai Fude Venture Co last September to help Fude Fund obtain 50 million yuan from the National Development and Reform Commission this April.

Fude Fund is the first fund that Harbin Venture Capital Guiding Fund had introduced. The fund will invest 60 percent of its money in biomedicine according to speeches at the launching ceremony.

To date, another seven funds have passed expert review. Four of them have finished open reply. By the end of this year, Harbin Venture Capital Guiding Fund will share another seven funds from Hong Kong, Beijing, Shenzhen and Suzhou, increasing its total funds to 1.8 billion yuan.

Harbin Venture Capital Guiding Fund is a 1–billion-yuan fund cultivated by the Harbin municipal government to develop the high-tech industry. It is operated by Harbin Venture Capital Group under the authority of the municipal government. By attracting partners that are jointly setting up new venture capital funds, Harbin Venture Capital Guiding Fund can expand the city’s financial fund.

According to Harbin Daily on Nov 10, each fund participating in Harbin Venture Capital Guiding Fund should invest more than 50 percent of its money in Harbin local projects.