Nanjing launches State‑backed investment holding company

Nanjing launched a new State-owned investment holding company on Sept 2, consolidating more than 850 billion yuan ($126.65 billion) in assets into a single platform aimed at channeling capital into major projects, industrial funds, and financial services.

The newly formed Nanjing Investment Holding has a registered capital of 60 billion yuan and will operate across three main business clusters: equity and fund investment, modern financial services, and State-capital operations. The reorganization merges several existing municipal groups, including urban infrastructure, transportation, and venture capital entities, under one corporate umbrella.

The holding company aims to grow its asset base to over 1 trillion yuan by 2030 and build a "fund jungle" of more than 500 billion yuan during the 15th Five-Year Plan (2026-30) period, with the goal of attracting 1 trillion yuan in total investment from all sources into the city.

It will ramp up direct investment in sectors such as artificial intelligence, integrated circuits, biomedicine, and high-end equipment, with a focus on nurturing leading enterprises that anchor industrial chains. This aligns with the city's priorities in advanced manufacturing and future-oriented industries.

The market reaction has been positive. In late August, shares of six State-controlled listed companies under the Nanjing municipal government rallied on expectations that the structural optimization would make operations more efficient.

Under the new structure, the financial service unit will leverage its full suite of licenses to deepen integration between finance and industry. The innovation capital division will focus on early-stage, small-scale and hard-tech investments to unlock the potential of patient capital. Meanwhile, the main holding company will explore innovative models like "rent-for-equity" and Pre-REITs incubation to revitalize existing State assets and drive key strategic industries.