Hangzhou Joins First National Capital Market Tech Finance Sample List, Backed by 300 Billion RMB Fund Cluster

At the 2026 Lujiazui Forum, the first national capital market tech finance practice sample list was officially announced. Hangzhou in Zhejiang province was selected alongside Shanghai's Pudong New Area, Beijing's Haidian District, Shenzhen in Guangdong, and Suzhou in Jiangsu.

In 2025, Hangzhou's R&D intensity reached 4.0% of GDP, ranking fourth in the national innovative city capability index. It has remained the 14th most innovative tech cluster globally for three consecutive years. By the end of 2025, Hangzhou had 16,300 state-level high-tech enterprises, nearly 40,000 technology-based SMEs, 3,578 provincial-level specialized and innovative enterprises, and 478 national-level "little giant" enterprises, all ranking fifth among Chinese cities.

At the 2026 World AI Conference, eight companies made a collective appearance: Lingban Technology, Diwei Er, Jinglianwen, Xinuo Future, Xiwang, Weina Hexin, Biboste, and Enhe Technology. In 2023, Hangzhou launched its "3+N" industrial fund cluster with a total planned scale exceeding 300 billion RMB. The cluster is anchored by three 100-billion-level parent funds: the Hangzhou Sci-Tech Innovation Fund, the Hangzhou Innovation Fund, and the Hangzhou M&A Fund, which work in tandem with various specialized sub-funds. The Sci-Tech Innovation Fund focuses on "early-stage, small-scale, long-term, and hard-tech" investments; the Innovation Fund targets "large-scale, strong, and future-oriented" investments; and the M&A Fund supports "listing, M&A, and synergy" investments.

In 2025, Hangzhou optimized the operating rules of the "3+N" fund cluster, raising the municipal state capital contribution ratio in sub-funds from 25% to 30% and lowering the reinvestment ratio for the Hangzhou Sci-Tech Innovation Fund's participating funds from 2 times to 1.5 times. Meanwhile, the Zhejiang Social Security Sci-Tech Fund and several central state-owned enterprise industrial funds were established in Hangzhou. The "3+N" fund cluster has appeared in the shareholder structures of companies such as the "Six Little Dragons" (Yushu Technology, Qiangnao Technology, Yunshenchu Technology), the "New Eight Unicorns" (Lingban Technology, Diwei Er, Xiwang), as well as Fuxin Semiconductor, Jianyuan Technology, and Qier Electromechanical.

In 2025, Hangzhou's financial industry added value reached 274.1 billion RMB, up 6.4% year on year. Hangzhou led the country in establishing comprehensive cooperation with five financial asset investment companies, launching the first phase of a 14 billion RMB AIC equity investment pilot fund and setting up a direct investment "Runmiao Fund" with an initial scale of 2 billion RMB, dedicated to seed- and start-up stage enterprises. Hangzhou aims to expand its "3+N" fund cluster to exceed 500 billion RMB during the 15th Five-Year Plan period (2026-2030).

AR glasses maker Lingban Technology received its first credit from Bank of Hangzhou in 2020 and has continued to receive financing support over the following six years. Smart satellite company Diwei Er obtained a loan from Bank of Hangzhou less than a year after its founding and has since grown into the first private aerospace entity in China to participate in the national lunar exploration program. Hangzhou has formed a diversified tech finance service system encompassing banks, securities, insurance, investment institutions, and local financial organizations, with a "investment-loan-subsidy-guarantee" five-in-one linkage mechanism and the first "Zheke Joint Loan" service model.

By the end of 2025, Hangzhou had one national laboratory, two large-scale scientific installations, and 33 state key laboratories. The city's technology transfer results doubled from 2024, with total technology transaction volume and new product output value exceeding 980 billion RMB. On July 10, Oulun Electric listed on the Beijing Stock Exchange, becoming Hangzhou's sixth A-share listing in 2026, following YiSiwei, Puang Medical, Fu'en, and others. Yushu Technology's STAR Market IPO application received registration approval from the China Securities Regulatory Commission on July 2, and its offline and online subscription period began on August 10.

In 2025, Hangzhou added 13 listed companies, four of which were domestic, accounting for 23.5% of the provincial total. By the end of 2025, Hangzhou had 309 listed companies at home and abroad, including 231 domestic listings, ranking fourth among all Chinese cities and first among provincial capitals. Hangzhou implements the "Phoenix Action" plan, building a three-level backup echelon for listing candidates and managing companies in different stages: long-term reserves, shareholding reform, guidance filing, and application in progress. By the end of 2025, the Hangzhou West Sci-Tech Innovation Corridor had nurtured 51 listed companies, 145 national-level "little giant" enterprises, 145 (quasi) unicorns, 23 "new little dragons", and 4,660 state-level high-tech enterprises. The city's key listing-aimed enterprises under regular tracking and cultivation expanded from 139 in 2020 to 315 by 2025.

Hangzhou Municipal Party Committee Financial Office stated that it will solidly advance the construction of the capital market tech finance practice samples, strive to reserve more first-of-their-kind, first-batch, and demonstration cases that meet policy requirements, and continuously improve the quality and efficiency of services for scientific and technological innovation.