Ch City Infra to set up private equity fund management JV

    China City Infrastructure (02349) said it entered into an agreement with Citic Zheng Ye Investment Development Limited and Beijing Hua Bin Technology Limited to set up a joint venture private equity fund management company (FMC) in People's Republic of China.
  The registered capital of the FMC is Rmb50 million, among which China City Infrastructure will contribute Rmb12 million, representing 24% of the equity interests.
  Following the completion of setting up the FMC, China City Infrastructure will sponsor, set up and manage an investment fund in accordance with all the applicable laws and regulations, and engage in various investments in the PRC and other countries and regions. It is expected that the issuance fund will mainly invest in property development business and infrastructure business.
  Citic Zheng Ye is a limited company incorporated in the PRC and it is wholly-owned subsidiary of Citic Group. Beijing Hua Bin is a limited company incorporated in the PRC. It have invested in some listed companies involving various business areas such as environmental protection, power security, cloud computing, flexible photovoltaic research and development, and equity investment funds, and also have achieved outstanding results.