Private investing to test in Shanghai
Print Edition
CHINA set up its first national-level private investment company China Minsheng Investment, with total registered capital of 50 billion yuan (US$8.1 billion), in Shanghai yesterday.
The company, funded by 59 private Chinese companies, was approved by the State Council, China’s Cabinet, in April.
Minsheng Investment will be engaged in equity investments, investment management, business consulting and providing financial advice, said Dong Wenbiao, chairman of the company.
“Minsheng Investment will firstly focus on the solar energy industry as well as establish a ship investment fund,” said Dong, former chairman of China Minsheng Banking Corp.
It also plans to build a complete industry chain to service the rapidly developing domestic business jet industry, he added. The company also plans to enter new emerging industries like new energy, high technology and environmental protection.
Dong said the 59 shareholders, with interests in machinery manufacturing, metallurgy, information technology, asset management, environmental protection, new energy, power generation and e-commerce, are all large private companies with combined total assets of nearly 1 trillion yuan.
Shanghai is an ideal place for the new company to test private investment as the city has been a pioneer for the nation’s reform and development, Vice Mayor Tu Guangshao said.
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