A fund of funds (FOFs) was set up in 2017 to provide financing to local firms in Rudong county, Nantong, southeast of Jiangsu province, according to media reports on Feb 19.

The fund's sub-fund has assets totaling 1 billion yuan ($149.18 million) and has so far invested around 140 million yuan in promising and innovative companies.

Roda Electron Material Co Ltd is one of those firms; it received 40 million yuan to start a project in December 2018.

The project is designed to break the monopoly of foreign suppliers for high-end materials and promote product restructuring and industrial innovation.

The venture fund, which provides capital for a duration of three to five years, has consistently shown itself to be a reliable source of support for companies experiencing difficulties with financing.