Zhongshan's Cuiheng Group and Shenzhen's Shum Yip Group signed an agreement on the Shenzhen-Zhongshan development fund on January 17. The two sides will co-found a one-billion-yuan industrial investment fund to boost the coordinated development of strategic emerging industries.

The first batch of fund, worth about 200 million yuan, will be invested in strategic emerging industries in Zhongshan's Cuiheng New District, including health and medicine, new energy and high-end equipment manufacturing, new-generation information technology, and etc.

Previously, the two state-owned enterprises have established two professional companies to cooperate in industrial park construction, operation and investment attraction. With a total investment of 2.7 billion yuan from the two sides, the Future Technology Center of Bay Area is expected to be completed and put into use in the first half of 2024.