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HONG KONG, Jan 3, 2012 - (ACN Newswire) - China Innovation Investment Limited ("China Innovation", Stock Code: 1217.HK) is delighted to announce that, the Company and China Baoan Group Asset Management Limited ("China Baoan") intend to cooperate to set up two equity investment funds in Mainland China to invest in the military industry and four new industries. The two funds have a total scale of RMB 1 billion respectively.
China Innovation and China Baoan entered into a cooperative framework agreement on 31 December 2011. The two companies are intended to invest in military industry and four new industries (new energy resources, new light resources, new materials, new media), are cooperatong to set up two equity investment funds in Mainland China.
Both parties (or its subsidiaries) to be jointly set up two equity funds, the name contain the word "Excalibur", which implies the military characteristics of its investment projects, and in accordance with the equity invested proportion in the enterprises, set up "Shanghai Excalibur Industry M&A Fund Partnerships (limited partnership)" (tentative name, subject to the approval by Industry & Commerce, hereinafter referred as "M&A Fund") and "Jiangsu Excalibur Strategic Equity Investment Fund Partnership (limited partnership)" (tentative name, subject to the approval by Industry & Commerce, hereinafter referred as "Strategy Fund") respectively.
For the investment with 51% or more shareholding of the enterprises invested, both parties (or their subsidiaries) will jointly form M&A Fund Management Company, which would act as general partner to manage M&A Fund. For the investment with not more than 30% shareholding of the enterprises invested, both parties (or their subsidiaries) will jointly form Strategy Fund Management Company, which would act as general partner to manage Strategic Fund.
The two funds have a total scale of RMB 1 billion respectively, the initial scale is RMB 200 million. The fund can be set up after getting 50% of initial scale of capital contributions subscripted. The two fund management companies would implement team sharing and resource sharing. That is, two fund's business is responsible by the same team; M&A Fund Management Company identifies investment projects, Strategy Fund Management Company could choose to invest.
China Innovation has engaged in long-term equity investment, and is well-equipped with projects related to military industries and four new industries, while China Baoan as China's leading enterprise to carry out equity investment, has extensive experience in equity investment. Both parties are intended to focus their investment direction on military industry and four new industries, and set up two equity funds in Mainland China. Through the cooperation, both parties will make full use of their advantages and experiences in capital operation, through the investment on small and medium four new industries with growth potential, to further enhance the Company's four new industries chain.
China Baoan, a wholly owned subsidiary of a Shenzhen Stock Exchange listed company China Baoan Group Co., Ltd. (stock code 000009), has overall responsibility for equity investment business and investment management services for China Baoan Group Co., Ltd.. China Baoan is one of the first companies to issue shares and carry out equity investment business in Mainland China, it now conducts investments and holdings on a number of well-known enterprises in China. Being well-known in the industry, the company also has extensive experience in equity investment, it focuses on the cooperation with local governments, to initiate the establishment of equity investment fund (limited partnership).
Contact:
China Innovation Investment Limited
Tel: +852 2111 9988
Direct: +852 2155 6275
Fax: +852 2111 9989
Topic: Investment
Source: China Innovation Investment Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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