On January 23 2014, Saike Fund, the first government guide fund for the Institute of Advanced Technology, University of Science and Technology of China (“USTC”), was successfully launched. The fund, formed jointly by the municipal government of Hefei and Cybernaut Investment Co., Ltd., intends to pool RMB300mln to support start-ups and industrialization projects incubated by the Institute of Advanced Technology, USTC.

The Institute was established by the provincial government of Anhui, Chinese Academy of Sciences, the municipal government of Hefei and USTC. As an essential part of USTC’s efforts of building a world’s first-class research university, it conducts advanced technological research, development and application and nurtures high-level practice-oriented talents. The launch of the fund was included into the chronicle of major events in Hefei’s finance sector in 2013 by the finance office of the municipal government of Hefei.

Dacheng senior partner Huang Bei, who is also executive director of Dacheng’s Hefei office, provided comprehensive legal service for capital raising and formation of the fund.  Ms. Huang and her team were also retained by the Institute as its standing legal counsel.