AI CAPITAL INTELLIGENCE
上国投先导基金 | Institution profile
Institution at a glance
The “Shanghai State-owned Capital Leading Fund” label in the financing disclosure points to the Shanghai State-owned Capital Leading Investment platform. Its website says the manager was established in May 2024 as a wholly owned subsidiary of Shanghai State-owned Capital Investment Co. and manages three industrial mother funds: integrated circuits, biomedicine and artificial intelligence. The platform says it focuses on early-stage investment, original innovation and technology commercialization.
Source verification date: · The financing disclosure does not identify which of the three mother funds was involved, so this profile does not attribute the investment to a specific fund. A 2025 government report says the first nine market-oriented subfunds mobilized CNY 17.2 billion in social capital from CNY 3.65 billion in mother-fund commitments; this is ecosystem-level deployment, not investment return. The reported CNY 5 billion for StepFun is the round total, not this platform’s disclosed commitment.
Recorded financing connections
- StepFun2026-01-26 · Series B+ · CNY 5,000,000,000
These are recorded participations, not a complete portfolio or performance score.
Names follow their disclosed form. Descriptive English renderings of Chinese names are not verified legal names. Original quotations are shown in their source language.
Key facts
| Management company | Shanghai State-owned Capital Leading Fund Management Co., established in May 2024 as a wholly owned subsidiary of Shanghai State-owned Capital Investment Co. (descriptive English renderings) |
|---|---|
| Fund platform | Manages three industrial mother funds covering integrated circuits, biomedicine and artificial intelligence. |
| Published strategy | Early-stage and small-company investment、Original innovation、Technology commercialization、Industrial M&A and integration |
| Ecosystem progress | A 2025 Shanghai government report says the first nine market-oriented subfunds mobilized CNY 17.2 billion in social capital from CNY 3.65 billion in mother-fund commitments. |
Public record
- The financing source lists the Shanghai State-owned Capital Leading Fund among participants in StepFun’s Series B+ round on January 26, 2026. The reported CNY 5 billion is the total round size, not this platform’s disclosed commitment; the report does not identify which of its three mother funds participated.
Official contact details
- Fund management company website: Shanghai State-owned Capital Leading Fund
- Published phone: +86 21 6321 2188
- Published email: contact@sscilf.com
- Published office: 7F, 688 Waimadu Road, Huangpu District, Shanghai
Sources
- 1. About · Shanghai State-owned Capital Leading Fund
上海国投先导私募基金管理有限公司于2024年5月成立，是上海国有资本投资有限公司全资子公司。Original Chinese-language excerpt
- 2. Official website · Shanghai State-owned Capital Leading Fund
管理集成电路、生物医药、人工智能三大先导产业母基金。Original Chinese-language excerpt
- 3. Three industrial mother funds · Shanghai Municipal Government
首批9只市场化子基金以36.5亿元母基金出资撬动172亿元社会资本。Original Chinese-language excerpt
- 4. Published contact information · Shanghai State-owned Capital Leading Fund
电话：021-63212188；上海市黄浦区外马路688号7楼；contact@sscilf.com。Original Chinese-language excerpt
- 5. StepFun completes a Series B+ financing round exceeding CNY 5 billion
参与机构包括上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁溪基金、厦门国贸、华勤技术等产业投资人，腾讯、启明、五源等老股东进一步跟投。Original Chinese-language excerpt