On the afternoon of July 10, Shanghai Artificial Intelligence Industry Investment Fund (the Fund) held an application scenario-based strategic cooperation ceremony titled "AI-driven Business Transformation" at the closing ceremony of the 2021 World Artificial Intelligence Conference. Gong Zheng, Deputy Secretary of the Municipal CPC Committee and Mayor of Shanghai, Wu Qing, Member of the Standing Committee of the Municipal CPC Committee and Deputy Mayor, Ma Chunlei, Secretary-General of the Municipal Government, and Chen Mingbo, Deputy Secretary-General of the Municipal Government, were present.

Huang Ou, Deputy Secretary of the Party Committee and President of Shanghai Electric, as a major fund investor representative, has reached strategic cooperation with companies in the ecosystem of the Fund concerning the transformation and upgrading of multiple industrial scenarios such as smart factories, digital industrial parks and smart healthcare, together with representatives of major companies in Shanghai, such as Lingang Group, SIPG, Shenergy Group, Shanghai Pudong Development Bank, etc.

Through the partnership, all parties concerned will give full play to their industry features and scenario advantages, as well as the innovative capabilities of AI companies, to play a leading role in applying AI to all sectors and scenarios, and create a new economic model in the age of intelligence.

The Shanghai Artificial Intelligence Industry Investment Fund was established at the closing ceremony of the 2019 World Artificial Intelligence Conference to put the outcomes of the World Artificial Intelligence Conference into practice and to accelerate Shanghai's strategy on high-quality artificial intelligence development. Its sponsors include Shanghai Electric and other state-owned industrial groups and related financial investment institutions in Shanghai.

Since the start of investment in October last year, the Fund has completed 18 direct investment projects, and introduced 20 domestic and overseas projects, driving investment of RMB 13.6 billion; at the same time, it has invested in 8 sub-funds, leveraging 60 times the size of the fundraising, totaling RMB 26 billion.