Beijing Zhilai Investment Co Ltd has decided to invest 500 million yuan into Silicon Valley-style bank in Shinan. [Photo/WeChat account: qdweishinan]

Beijing Zhilai Investment Co Ltd is expected to set up a special investment fund of 500 million yuan ($75.95 million) in Shinan district, Qingdao, East China's Shandong province, to invest in enterprises through a combination of bonds and stocks.

Wang Ting, general manager of Beijing Zhilai, said, "Our goal is to create a Qingdao version of Silicon Valley Bank to provide venture capital for high-tech enterprises with high growth, high barriers, light assets, and easy reproduction and develop a new financing ecology for scientific and technological innovation enterprises."

Beijing Zhilai has already established or prepared eight funds in Beijing, Shanghai, Suqian, Nanjing, and five other cities consisting of a total of 3.5 billion yuan.

"Shinan is a great place to establish headquarters and financial and research institutions and develop businesses due to its great business environment, policies, services, and industrial development advantages. It offers us so many opportunities, and we hope to use its financial resources to find scientific and technological enterprises to work with."