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Top Chinese entrepreneurs establish investment company
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An investment company funded by top Chinese entrepreneurs has been established with one billionaire saying the company could raise US$8 billion.
“A national-level private company approved by the premier held its inaugural meeting today,” Shi Yuzhu, chairman of Giant Interactive, one of China’s most successful online game companies, wrote on his Weibo microblog late yesterday.
Shi said his company invested 1 billion yuan in the new company to take a 2 percent stake. That means total capital contribution could be 50 billion yuan (US$8 billion).
Chinese media have reported some top tycoons, including Dong Wenbiao, chairman of China Minsheng Banking Corp, were proposing a group called China Minsheng Investment. The proposed company reportedly plans to invest in companies and projects both home and abroad. Some compared it to China Investment Corp, the nation’s sovereign wealth fund.
Shi resigned as CEO of Giant last year as he announced he would start enjoying his “retirement.”
“Failed to decline (the offer), I was still elected as a vice chairman. Fortunately, I’m a non-executive, and don’t have to get involved in the company’s operation,” he wrote in humorous tone.
Shi also posted a group photo on Weibo showing China Oceanwide Chairman Lu Zhiqiang, Minsheng Banking’s Dong, Yida Group Chairman Sun Yinhuan and Zhao Pinzhang, vice president of Minsheng Banking, standing beside him at the inaugural meeting.
Oceanwide Real Estate Group, a Shenzhen-listed unit of China Oceanwide, said last month it would subscribe up to 1 billion shares of China Minsheng Investment at 1 yuan each, which could give it a 2 percent stake based on Shi’s announcement.
The detailed ownership structure of China Minsheng Investment was not immediately available.
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