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HK broker plans Chinese JV fund

HONG Kong brokerage CLSA plans to start a private equity fund with Chinese state-owned investment firm Shanghai Guosheng Group Co with 10 billion yuan.

The two companies signed an agreement yesterday to set up a 50-50 joint venture - Guosheng CLSA (Shanghai) Industrial Investment Management Co - by the end of the year in Shanghai to launch the yuan-denominated fund, they said in a joint statement today.

Only Chinese companies will be allowed to invest in the fund, which will invest in renewable energy, environment protection and consumer-related sectors, the statement said.

"There is a significant opportunity for private capital in China. Our partnership with one of the flagship investment groups in Shanghai reinforces our belief in the market," CLSA said.

"The JV perfectly complements CLSA's existing joint venture, China Euro Securities Ltd, which is focused on broking and investment banking … With these two JVs our business in China now reflects the three principle areas of focus of global business: broking, investment banking and asset management," CLSA said.


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