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April 19, 2014

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Home » Business » Finance

Private investment group may net US$8b

By Richard Fu | April 19, 2014, Saturday | Print Edition

AN investment company funded by leading Chinese entrepreneurs from the private sector has been established in Beijing, with one billionaire saying the company could raise US$8 billion.

“A national-level private company approved by the premier held its inaugural meeting today,” Shi Yuzhu, chairman of Giant Interactive, one of China’s most successful online game companies, wrote in his Weibo microblog.

Chinese media have reported some top tycoons from the private sector, including Dong Wenbiao, chairman of China Minsheng Banking Corp, were proposing the setup of China Minsheng Investment which will invest in companies and projects at home and abroad. It has been compared to China Investment Corp, the nation’s sovereign wealth fund.

Shi said Giant invested 1 billion yuan in the new company for a 2 percent stake. That means total capital contribution could be 50 billion yuan (US$8 billion).

He said in his microblog that he was “elected as vice chairman” of the new company.

Oceanwide Real Estate Group, a Shenzhen-listed unit of China Oceanwide, said last month that it would subscribe up to 1 billion shares of China Minsheng Investment at 1 yuan each, which could give it a 2 percent stake based on Shi’s announcement.

Shi also posted a group photo on Weibo showing himself, Dong, China Oceanwide Chairman Lu Zhiqiang, Yida Group Chairman Sun Yinhuan and Zhao Pinzhang, vice president of China Minsheng Banking, at the inaugural meeting.

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