SHANGHAI (Reuters) – China Reform Holdings Corp, a Chinese manager of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday.

The fund has already received investment intentions from more than 20 central government-owned enterprises as well as local governments and private investors, and will start operating by the end of this year, the newspaper said.

China’s state-owned enterprises (SOEs) have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of Beijing’s SOE reforms.

China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company’s website.

($1 = 7.2980 Chinese yuan renminbi)

(Reporting by Shanghai newsroom; Editing by Jamie Freed)