Hon Hai Precision Industry Co (鴻海精密) yesterday said that it has signed a strategic partnership contract with China Insurance Investment Co (中保投資) to create a venture capital fund valued at 10 billion yuan (US$1.49 billion), targeting investments in emerging technology.
The fund’s size would gradually grow to 20 billion yuan, Hon Hai said in a statement.
The fund, which would be a “market-based platform,” would aim to raise capital from “fund of funds and institutional investors,” the statement said.
Photo: Tu Chien-jung, Taipei Times
The fund would invest in “electric cars, digital health, robotics” and other technology-related projects, it said.
The fund would be a “mutually beneficial collaboration that combines quality industry with long-term capital,” Hon Hai chairman Young Liu (劉揚偉) said in the statement.
“Together we will make our high-tech business stronger and bigger,” Liu added.
The strategic partnership with China Insurance Investment and its cooperation in high-tech investments would create a win-win situation for both sides, Hon Hai said.
“Our goal is to utilize our unique advantages, while combining Hon Hai’s technological achievements in the realm of next-generation informational technology, high-end processing chips, smart manufacturing and robotics,” China Insurance Investment Co chairman Ren Chunsheng (任春生) said.
The fund would also explore possible cooperation in other areas, including talent cultivation and marketing, at a time when Hon Hai has set its sights on new businesses to transform itself from a pure manufacturer into a company that integrates hardware and software development.
Additional reporting by CNA
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