Taiwan's privately owned Fubon Financial Holding Co plans to cooperate with the investment fund of China's state-run China Development Bank, as well as the Fujian provincial government, to set up an industrial venture capital fund, the general manager of FHC has said, according to CNA.

Victor Kung said the three organizations will inject a total of Rmb5 billion (around $732.36 million) into the fund, with Fubon putting in the largest portion of the investment at 40 per cent while the other two investors each contribute 30 per cent, the report said.

The planned fund will exist in the form of a private equity fund that will target all cross-Taiwan Strait industrial businesses without limitation on the category of industrial sectors, Kung noted.