Ministry Stumps Up Most for New USD21 Billion Chinese Industry Upgrade Fund
Liao Shumin
DATE:  Nov 19 2019
/ SOURCE:  yicai
Ministry Stumps Up Most for New USD21 Billion Chinese Industry Upgrade Fund Ministry Stumps Up Most for New USD21 Billion Chinese Industry Upgrade Fund

(Yicai Global) Nov. 19 -- China's Ministry of Finance is the lead contributor among 20 investors in a new CNY147.2 billion (USD21 billion) fund that will invest in upgrading the country's manufacturing sector.

The National Manufacturing Transformation and Upgrading Fund was set up with an initial investment of CNY7.4 billion (USD1 billion), Beijing-based rolling stock manufacturer CRRC, one of the fund's backers, said in a statement yesterday.

The fund will invest in the fields of new materials, advanced information technology, and electric power equipment.

The finance ministry has a stake of about 15.3 percent in the fund, followed by China Development Financial Holdings at 13.6 percent. China National Tobacco and China Insurance Investment Fund Phase II, which each have stakes of 10.2 percent.

CRRC spent CNY25 million (USD3.6 million) to subscribe for an initial 500 million shares, resulting in a 0.34 percent holding.

Editor: Emmi Laine

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Keywords:   CRRC Co.