everbright accelerates asset management development via 500 million venture capital fund with jiangyin
| press release |
hong kong, 24 june 2009 ─ china everbright limited (“everbright”, stock code: 165) yesterday (23 june) reached an agreement with the municipal government of jiangyin, jiangsu province and a group of local enterprises to jointly establish a venture capital fund named everbright venture capital jiangyin co., ltd., with a total investment of rmb500 million.
the fund will focus on hi-tech projects. cel venture capital (shenzhen) limited, a wholly-owned subsidiary of everbright, will act as the fund’s manager.
mr. chen shuang, ceo of everbright, said, “as china everbright group’s sole overseas platform for financial operations, everbright has many years of investment experience in the capital market. the cooperation with the municipal government of jiangyin and local enterprises will enable us to leverage their vast network and accurate grasp of the economy in jiangyin to identify projects with immense growth potentials. on the other hand, our rich experience in finance and investment, as well as international-standard management platform, can speed up the development of the invested entities and generate attractive return for shareholders.”
“everbright is confident in china’s economic recovery. hi-tech projects will be a crucial driver of economic development. while this venture capital fund marks the first step for us, the municipal government of jiangyin and local enterprises, we foresee more room for cooperation,” he added.
everbright, the municipal government of jiangyin and related enterprises held a signing ceremony in beijing yesterday. the ceremony was attended by mr. zangqiutao, vice chairman of china everbright group, wang xinan, mayor of jiangyin, local government officials and heads of leading enterprises.
named one of the top 100 counties in china, jiangyin has been selected as the country’s most economically competitive county for many years. the government ofjiangyin, a cradle of china’s national industry and urban industry, has a long-term perspective on sustainable economic development and mutual benefit of the public and private sectors, creating favorable conditions for investment. jiangyin is now home to a large number of private enterprises with nationwide influence. subsidiaries of china everbright group have a number of investments in jiangyin including solid waste combustion and sewage treatment projects.
focusing on “large scale asset management” as its business direction, everbright is vigorously developing various areas of fund management businesses. its direct investment division has three overseas private equity funds, including china special opportunities (i) and (ii), with total assets under management ofapproximately us$400 million. it has also established a renminbi venture capital fund with beijing zhongguancun. the asset investment division is establishing a fund targeting real estate projects in mainland china. it is also preparing for the establishment of a china infrastructure fund and energy fund.
