Tsinghua Holdings, a technology conglomerate backed by Tsinghua University, is setting up China's first technology transfer fund with an initial investment of 500 million yuan ($78.42 million) to foster innovation in the high-tech sector.

The fund will invest in research and development projects, including medical and electronic technology, that can transfer scientific achievements into business projects, Xu Jinghong, chairman of Tsinghua Holdings, told China Daily on Wednesday.

The company, with total assets of about 170 billion yuan by June, plans to accelerate cooperation with global technology giants, including Facebook Inc, to expand its overseas presence.