On October 30, 2020, the first partnership meeting of the Hainan Rongzhi talent innovation and entrepreneurship investment fund was successfully held in Sanya Yazhou Bay Science and Technology City, marking the official start of operations for the 1st phase of the Hainan provincial talent fund.
The Hainan provincial talent fund, which has a target of 1 billion yuan, mainly invests in early and mid-stage enterprises that are established both directly and indirectly by talented individuals and teams in accordance with the Action Plan for the Introduction of Talents in Hainan (2018-2025). The fully-funded first phase of the fund totals 210.1 million yuan. This fund is not only the first special fund for talent cultivation in Hainan but also the first government-invested fund established in cooperation with key industrial parks in Hainan.
The establishment of the talent fund is an innovation to transfer financial funds from an administrative allocation to a market orientation. Additionally, the fund will be complementary to other special talent cultivation capital in Hainan.
The Department of Finance of Hainan Province and the talent development bureau of the CPC Hainan Provincial Committee plans to make the best use of the first phase of the fund's operation to attract more social capital for innovation and entrepreneurship for talented individuals in Hainan.