Recently, VSTARTUP secured Series B financing, receiving a strategic investment of RMB120 million from Beijing Jing Guorui SOE Reform and Development Fund (L.P.) (hereinafter referred to as “Jing Guorui Fund”). The funds raised in this round will mainly be used for the renovation of park projects, intra-industry M&A, construction of a smart park system, etc.

As a typical representative of the mixed-ownership enterprises under Shougang Group, VSTARTUP has played an exemplary role in innovation and business incubation, cultivation of characteristic industries, and further improvement of asset operation efficiency. In the past eight years, with focus on the positioning of Beijing as a “Science and Technology Center” “Cultural Center” and “International Exchange Center”, VSTARTUP has successfully built and operated multiple clusters of technology and culture industries with “new industries, new offices, new supporting facilities and new services”, such as Zhongguancun International Maker Center, Zhongguancun E-PLAZA Upgrade and Renovation Project, Zhongguancun Virtual Reality Industrial Park, Yizhuang Yinhe Port, 37º Apartment, etc., actively driving the construction of Beijing as a technological and cultural center. By the end of 2020, VSTARTUP had accumulated an operating area of more than 500,000 square meters, attracting more than 3,000 “sophisticated” industrial customers to settle in, and creating enterprise output value of nearly 10 billion RMB, tax revenue of over 1 billion RMB, and employment for over 100,000 people.

Prior to this, VSTARTUP had successively received investment from Shoucheng Holdings, Shougang Fund, Shunlong Fund, Shunwei Capital and other market-oriented institutions. The new investment institution in this round, Jing Guorui Fund, was established by the Beijing State-owned Capital Operation and Management Center and a number of municipal SOEs, and is dedicated to reforming state-owned assets and SOEs in Beijing and supporting the upgrading of industry and structural adjustment in Beijing. The investment of Jing Guorui Fund in VSTARTUP shows the forward-looking judgment of market-oriented investment institutions on urban renewal and the stable development of the park operation track. It also reflects that Beijing state-owned capital acknowledges the strength of VSTARTUP, as well as attaches importance to accelerating urban renewal construction and transforming and upgrading industrial parks.