BEIJING -- Shanghai-listed China Fortune Land Development (CFLD) Co Ltd, an industrial zone developer and operator, said on Tuesday it has set up a wholly owned subsidiary in Silicon Valley.

The new company, CFLD Incubator Services, Inc, aims to concentrate and use the world's most advanced technologies to incubate high-tech industrial projects, the company said in a statement filed with the Shanghai Stock Exchange on Tuesday.

CFLD president Hu Zhenyu said in Beijing on Tuesday that the incubator will mainly invest in high-tech industries such as clean energies, new-generation information technologies and bio-medicine.

"The CFLD wishes to seek a bridge connecting Chinese and American industries through the incubator," Hu said, adding that the unit will provide an innovative way to translate technological innovation to the Chinese market.

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