By Greg Gao

(JW Insights) May 10 -- China’s home appliance maker Gree(格力) invested RMB150 million($21.6 million) to establish a venture capital fund with Zhuhai Seine Printing Technology and Zhengfang Group.

A signing ceremony was held in Zhuhai of southern China's Guangdong Province on May 6, according to Zhuhai City Trade & Investment Promotion Agency.

The fund, with a planned scale of RMB800 million($115.5 million), focuses primarily on investment and incubation of business in laser printing, 3D printing, printing consumables, integrated circuits as well as upstream and downstream related industries, said the agency.

Gree Financial Investment, a subsidiary of Gree Group, provided the capital and will participate in fund management.

Gree, Seine Printing Technology, and Zhengfang Group signed the “Zhuhai Seine Yongying Phase I Venture Capital Fund” establishment agreement at the signing ceremony.

The investment strategy coincides with Gree’s ambition of expanding into the high-tech semiconductor industry and gradually transforming into a technology company. By participating in the fund’s management, Gree will leverage its expertise and resources to help incubate and support innovative semiconductor startups and help boost sustainable development for the IC industry in China, said the company.