On 3 September 2026, MIIT and nine other agencies confirmed a second phase of the National SME Development Fund alongside China's 15th Five-Year SME development plan. Phase 1 (established Sept 2015) built a capital pool of over 120 billion yuan (~$17.6B), created 46 sub-funds, backed 2,000+ enterprises, and produced 92 IPOs at roughly 15% returns. Phase 2 targets early-stage 'hard-tech' firms that are IPO-ready, emphasising inclusive financing and IPO preparation.
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China launches Phase 2 of National SME Fund for early-stage hard-tech startups
Why this matters for founders
Early-stage deep-tech founders in China should track the fund's market-based sub-funds as a source of catalytic capital and IPO-prep support, and position their raise to attract the private VC the fund is designed to crowd in.
Source: South China Morning Post
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