Joo Yong-tae (left), head of Seoul’s economic affairs, and Steven Wang, CEO of HighLight Capital, hold up the agreement for a commemorative photo during the investment-attraction signing ceremony between the Seoul Metropolitan Government and HighLight Capital on Tuesday. (Seoul Metropolitan Government)
Joo Yong-tae (left), head of Seoul’s economic affairs, and Steven Wang, CEO of HighLight Capital, hold up the agreement for a commemorative photo during the investment-attraction signing ceremony between the Seoul Metropolitan Government and HighLight Capital on Tuesday. (Seoul Metropolitan Government)

Seoul has secured a $50 million investment commitment through a memorandum of understanding with a major Chinese health care venture capital firm, as the city moves to deepen cross-border cooperation in finance, biotechnology and robotics, officials said Wednesday.

According to the Seoul Metropolitan Government, its economic delegation visited Shanghai and Hangzhou in China from Monday to Wednesday for meetings with leading investors and technology companies.

On Tuesday, Joo Yong-tae, the city’s economic affairs director general, met with Steven Wang, CEO of HighLight Capital, at the firm’s Shanghai headquarters to sign a memorandum establishing a Seoul branch and outline future investment.

Under the agreement, HighLight Capital will invest $50 million over the next five years in Seoul-based biotech and health care companies and pursue opening a Seoul office at the Seoul International Financial Office.

The city said it will support the fund’s expansion by providing office space, connecting it with financial institutions and investors, and arranging consultations with biotech and artificial intelligence companies in Seoul.

HighLight Capital, founded in 2014, manages roughly $3.8 billion in assets and has invested in more than 150 global biotech and health care companies, including Korean firms Meditip and Celloc Bio.

Seoul also signed an agreement with CICC International, the overseas arm of China International Capital Corp.

Joo met with Hanfeng Wang, deputy head of CICC, to formalize cooperation on scaling Seoul’s financial technology sector, supporting employment growth and advancing the digital finance ecosystem.

Seoul will assist CICC with local networks and market entry should the firm establish an office in the city.

CICC, China’s first Sino-foreign joint-venture investment bank, is a key player in the country’s financial internationalization. The company posted 12.8 billion yuan ($1.8 billion) in operating profit in the first half of this year.

After meetings in Shanghai, the Seoul delegation traveled to Hangzhou for talks with major tech companies, including Alibaba Group, fintech giant Ant Group and robotics manufacturer Unitree Robotics.

Seoul officials said the networks established during the trip will support follow-up cooperation with strategic investors and advanced-technology firms.

The city plans to work with Invest Seoul, a Seoul investment promotion agency, to strengthen full-cycle support for foreign firms entering the Seoul market, from initial research and incorporation to regulatory assistance.

“Seoul is a hub of advanced medical technology and research capability,” HighLight Capital CEO Wang said, adding that the fund would leverage its global network of over 150 biotech companies to help Seoul’s innovators expand overseas.

Joo said the visit marks a significant step in strengthening global partnerships.

“We will work closely with the Seoul Investment Promotion Agency to ensure that global companies can use Seoul as a strategic base for investment and growth,” he said.


jychoi@heraldcorp.com