Hangzhou State-owned Capital Investment and Operation Co Ltd and Hillhouse Group on Aug 20 agreed to cooperate to promote the high-quality development of Hangzhou.

According to the cooperation agreement between the two sides, Hangzhou Capital and Hillhouse Group will establish a sci-tech innovation investment fund worth 10 billion yuan ($1.54 billion).

The fund is expected to invest in fields of artificial intelligence, integrated circuit, semiconductor, internet of vehicles, intelligent driving, and new energy vehicles.

Representatives from Hangzhou Capital and Hillhouse Group pose for a photo after the signing ceremony on Aug 20 in Hangzhou. [Photo/hzzbco.com]