Hefei Gaoxin Development & Investment Group Company – based in Hefei, capital of East China's Anhui province – was recently ranked among the world's most promising FOFs. FOF stands for Fund of Funds. It's a type of pooled investment fund that invests in other funds, rather than directly in individual stocks or bonds.

It made it through to the best FOF investment institutions 2023 Top 30, compiled by the Global FOF Association – ranking 13th on the list, an achievement revealed at the 2nd Davos Global FOF Summit, held in Davos in Switzerland on Jan 17.

The Global FOF Association says it's committed to promoting the exchange, cooperation and development of the global FOF industry. The list was selected by investment associations from Europe, the United States, the Middle East and other regions.

Hefei Gaoxin Group, an investing and financing platform of the administrative committee of Hefei National High-tech Industry Development Zone, was recognized for its achievements in market investment and investment management work.

By the end of 2023, Hefei Gaoxin Group had participated in or established 47 equity funds, with a total fund size of nearly 50 billion yuan ($7.05 billion).

The group has invested in nearly 800 projects, which are widely viewed to have made a significant contribution to regional industrial development.

Moving forwards, plans are for Hefei Gaoxin Group to continue to leverage its State-owned capital advantages to attract more social capital to support the development of technological innovation.