Recently, the Shanghai Embodied Intelligence Fund completed its first closing. Dacheng Shanghai’s team, led by lawyers Yang Chunbao and Sun Zhen, assisted the Lingyin Special Area Industrial Development Fund (“Leading Area Fund”), under Pudong Venture Capital, and Shanghai State-owned Capital Investment Group (“Shanghai Guotou”) in jointly sponsoring the establishment of this fund. The Embodied Intelligence Fund is managed by Fortune Capital, a subsidiary of Shanghai Guotou. Mandated by the Leading Area Fund and Putuo State-owned Assets, the legal team led by Yang Chunbao and Sun Zhen, partners at Dacheng Shanghai, conducted comprehensive legal due diligence on Fortune Capital and the proposed Embodied Intelligence Fund. The team also participated in the drafting, review, and negotiation of the fund’s Limited Partnership Agreement (LPA) and related transaction documents.

The Shanghai Embodied Intelligence Fund has a total scale of RMB 1 billion, with a first closing scale of RMB 565.1 million. Besides the Leading Area Fund, other limited partners include Shanghai Guofu Linghang, Zhangjiang Science and Technology Investment, Putuo State-owned Assets, SAIC Venture Capital, and other municipal and district-level state-owned capital, as well as industrial capital such as the listed company Huapei Power Technology. Pudong Capital under Pudong Venture Capital and Fortune Capital jointly serve as the executive managing partners of the fund.

The Shanghai Embodied Intelligence Fund will focus on investing in early-stage and growth-stage projects throughout the embodied intelligence industry chain. This includes investments in embodied intelligence bodies, core components (chips, core sensors, etc.), broad robotics applications, and qualified projects within relevant segments such as software & tools, perceptual interaction, supporting hardware, downstream industry applications and services.

In July 2021, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Pudong New Area in High-Level Reform and Opening-Up to Build It Into a Leading Area for Socialist Modernization" (the "Leading Area Opinions") were released. Seizing this opportunity, Pudong established the Leading Area Fund in July 2022. This is the first fund-of-funds established with capital commitment from Pudong New Area since the issuance of the Leading Area Opinions, with a total scale of RMB 15 billion. From 2022 to present, Yang Chunbao’s legal team has successively assisted the Leading Area Fund in sponsoring the establishment of the Guofang Guidance Fund-of-Funds (Yangtze River Delta Phase II Fund), the Guotai Junan Guidance Fund-of-Funds (Pudong Leading Area Sci-Tech Innovation Fund I), and the Embodied Intelligence Fund.