China's State Council approves establishment of 4 private equity funds - report |
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Thu, 13 Sep 2007 10:03
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BEIJING (XFN-ASIA) - The State Council, or cabinet, has approved the establishment of China's second batch of private equity funds to provide financial support to businesses in the energy, innovative manufacturing and high technology sectors on a trial basis, the official Caijing Magazine reported, citing sources.The group includes four private equity funds which are expected to raise up to 46 bln yuan, the Caijing Magazine said.Shanghai Financial Fund is expected to raise up to 20 bln yuan, Guangdong Nuclear Power and New Energy Fund and Shanxi Coal Fund 10 bln yuan each, and Sichuan Mianyang High Technology Fund 6 bln yuan, it added.The magazine quoted sources as saying the China-Singapore Suzhou Industrial Park Fund, which is expected to raise up to 10 bln yuan, has already won approval from the State Council. China-Singapore Suzhou Industrial Park Ventures Co Ltd, which has registered capital of 1.28 bln yuan, will be the main fund manager.Earlier, other media reports said the only private equity fund currently operating is the 20 bln yuan Bohai Industry Investment Fund.(1 usd = 7.53 yuan)ivy.cheng@xinhuafinance.com-xfnic/xfnjanmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Forex management agency China Investment Co to start ops this week - report 