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The size of the fund is 500 million yuan. The fund management company as the fund's general partner and fund manager subscribes for a 2% share of the fund, namely RMB 10 million. First Venture and Xintian Technology subscribe the fund share as a limited partner. RMB 50 million, and the rest of the fund's share was financed by the first venture.
In fact, as early as August of this year, Xintian Technology has determined that it plans to use its own capital of RMB 150 million to invest in Wuxi (Taihu) International Technology Park to establish a wholly-owned subsidiary in the direction of the Internet of Things—Jiangsu Xintian Wulian Technology Co., Ltd. The scope includes the intelligent heating visualization system for the Internet of Things, the wireless remote intelligent water meter retrofit device, and the R&D, production and sales of the Internet of Things intelligent agricultural water-saving irrigation system.
The Internet of Things (IoT), as one of the strategic emerging industries that China will focus on in the future, is invaluable. Xintian Technology has a technical advantage in its layout of the Internet of Things. Although it may not have a performance contribution in the short term, it can take advantage of the first-mover advantage when the relevant market demand starts.
[Chinese instrument network enterprise vane] On November 9th, Xintian Technology Co., Ltd. announced that it plans to cooperate with First Venture Capital Management Co., Ltd. to set up an "Innovative Planet Network Industry Fund" (tentative name) to Xintian Technology's development strategy, "Smart City, Smart Water Services, and Computer Software," the main investment direction to help Xintian Technology integrate industrial resources, mergers and acquisitions in line with Xintian Technology's development strategy of outstanding enterprises, improve and consolidate Xintian technology industry status. Not only that, in recent years, Xintian Technology has been developing in the direction of the Internet of Things smart watch and system industry, and its commitment to the "industrial networking-based smart meter development industrialization" project has also been included in the National Torch Plan project.