The CAS Fund of Funds (“CAS FOF”) is a major strategic arrangement decided by the Chinese Academy of Sciences (CAS) to implement the guiding principle of president Xi Jinping's speech during his inspection to the CAS. Aiming to support and promote the technology transfer within the CAS system, the CAS FOF is an exploration and practice of the new national mechanism in the field of scientific and technological innovation.
The CAS FOF makes it its mission to solve the stranglehold problems in the core technological fields of China, and implements the innovation-driven development strategy. Relying on the profound scientific andtechnological resources of the CAS, the CAS FOF applies the investment mode of “FOF (fund of funds) + direct investment” to mainly invest in strategic emerging industries and such key stranglehold technologies as “key technology” and “green technology”, and takes “technology + finance” as the link to build a nationwide platform and investment system for the technology transfer, thus realizing the common improvement of the national strategy of innovation-driven development, social responsibilities and economic value.
CAS Venture Capital
CAS Venture Capital Management Co., Ltd. (CAS Venture Capital) is established by The Chinese Academy of Sciences Holdings Co, Ltd. and entrusted to manage the CAS Fund of Funds (CAS FOF) With the mission of boosting technological innovation and realizing capital appreciation. CAS Venture Capital gives full play to the role of market mechanisms and the law of value, collects and integrates high-quality social resources, and builds itself into a fund investment company with international influence for the technology transfer and early and mid-stage technology companies.
Aiming to support and promote the technology transfer within the Chinese Academy of Sciences(CAS), the CAS Venture Capital is an exploration and practice of the new national mechanism in the field of scientific and technological innovation. The CAS Venture Capital makes it its mission to solve the stranglehold problems in the core technological fields. Relying on the profound scientific and technological resources of the CAS, the CAS Venture Capital applies the investment mode of “FOF (fund of funds) + direct investment” to mainly invest in strategic emerging industries and such key stranglehold technologies as green technology and key technology, and takes ‘technology + finance’as the link to build a worldwide platform and investment system for the technology transfer.
The Chinese Academy of Sciences Holdings Co, Ltd. (hereinafter as CASH) was approved by the State Council as China's first asset management company engaged in the operation of operative assets of state-level public institutions. CASH was registered as a fully state-owned company on April 12th, 2002. On behalf of the Chinese Academy of Sciences (hereinafter as CAS), CASH exercises the investor's rights for the state-owned operative assets within CAS-affiliated companies in which CASH has 100% ownership, majority ownership, controlling ownership, or lower ownership. Correspondingly, CASH also takes responsibility of asset preservation and appreciation.
According to the Charter of the Chinese Academy of Sciences, CASH was authorized with the right to monitor the operation of state-owned assets in enterprises affiliated to CAS institutes since 2004. It is also authorized to manage the CAS Qingdao Sanatorium, the CAS Lushan Sanatorium, and the Science and Technology-promoted Economy Foundation on behalf of CAS. Meanwhile, CASH is responsible for the daily management of the CAS-Legend Institute.
CAS Operative State-owned Asset Management System
Since 2008, CASH participated in Venture Capital and Private Capital (VC/PE) investments as an institutional investor, and actively conducted direct investments centering on China’s strategic emerging industries. It has become a well-managed institutional investor with a relatively long history and strong market influence.
By the end of 2014, the invested capital of CASH was RMB 5.1 billion. CASH now has over 30 subsidiaries, in which 21 companies are fully-owned or controlled by CASH. These companies cover areas of new generation information technology, high-end equipment manufacturing, environmental protection and new materials, investment, and modern services. Well-known companies include Legend Holdings (03396.HK), China Sciences Group, and China Science Publishing Group.