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Yangzijiang picks up 30% of Chinese investment fund
YANGZIJIANG Shipbuilding (YZJ) has, through a wholly-owned subsidiary, picked up a significant stake in an investment fund in China.
YZJ said after Friday trading close that its subsidiary, Jiangsu New Yangzi Shipbuilding Co Ltd, had subscribed to 30 per cent equity in the share capital of Jiangsu Nantong Yantai Emerging Investment Fund (Nantong Yantai) registered in China's Nantong city.
Nantong Yantai has an authorised share capital of up to 300 million yuan (S$61 million). The equity subscription will make Nantong Yantai an associate of YZJ.
The core business of Nantong Yantai is related to those of industrial investment, venture investment and equity investment.
The new Chinese fund is focused on small and medium-sized privately-owned enterprises in emerging industries such as new materials, energy conservation and environmental protection, advanced manufacturing technology, healthcare and innovative consumption business.
The operating term of the fund is seven years.