Fortune Capital, a renowned Chinese private equity company, said it has raised over 5 billion yuan ($702 million) in the first round of fundraising for its latest comprehensive fund - the Chuangcheng Fund.

The Chuangcheng Fund, with a planned total scale of 8 billion yuan, will continue to invest significantly in China's technology sector, with a focus on hard-tech innovation and entrepreneurship, the company said.

Liu Zhou, chairman of Fortune Capital, said the Chinese investment industry is in a growth phase, with more emphasis on sustainability, safety and internal circulation. He expects that China's core strategy will shift towards industrial upgrading and high-quality development as well as technological breakthroughs, making a significant contribution to investors and venture capitalists.

Fortune Capital has been investing in China's technology innovation for the past 23 years, having laid out a robust and consistent investment plan. The company has invested in over 730 enterprises in sectors such as intelligent manufacturing, healthcare and new-generation information technology.

Fortune Capital said it has helped 48 enterprises go public in the past three years.