China state asset manager plans $14-B emerging industry fund -report | Inquirer Business

China state asset manager plans $14-B emerging industry fund -report

/ 08:19 AM September 25, 2023

SHANGHAI  – China Reform Holdings Corp, a Chinese manager of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday.

The fund has already received investment intentions from more than 20 central government-owned enterprises as well as local governments and private investors, and will start operating by the end of this year, the newspaper said.

China’s state-owned enterprises (SOEs) have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of Beijing’s SOE reforms.

ADVERTISEMENT

China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company’s website.

($1 = 7.2980 Chinese yuan renminbi)

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: China, fund, Industry

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.