China’s ICBC launches $11.04b tech fund.

The Industrial and Commercial Bank of China (ICBC), the world’s largest commercial lender by assets, has launched a technology and innovation fund worth 80 billion yuan (US$11.04 billion).

Announced on Mar. 12, the fund will support “hard technology” sectors such as semiconductors and advanced manufacturing, according to a statement from the state-owned bank.

ICBC Chairman Liao Lin said that the fund aligns with directives from China’s central leadership aimed at strengthening private enterprises.

The initiative promotes “patient capital,” focusing on long-term development rather than immediate profit.

Source: TECHINASIA