Reform set to benefit from US$3.2b fund
Print Edition
A 20 billion yuan (US$3.2 billion) fund was set up yesterday to promote a mixed-ownership reform of stated-owned enterprises in Shanghai.
The fund, jointly launched by China Cinda Asset Management Co and Shanghai State-owned Assets Operation Co, will provide capital to Shanghai-based SOEs to help them diversify ownership structure and enhance their competitiveness.
It will assist SOEs in mergers and acquisitions as well as inject capital in listed SOEs by buying their shares through private placement, the companies said yesterday.
The fund will also team up with other financial institutions to take stakes in SOEs as part of the reform effort.
Financial institutions, including the Bank of China, China Construction Bank, the Bank of Communications, Shanghai Pudong Development Bank, China Minsheng Banking Corp, China CITIC Bank, the Bank of Shanghai, Shanghai Trust, CITIC Trust, Sino-Australian International Trust and China Minsheng Investment Co, have signed cooperation agreements with China Cinda yesterday.
Shanghai seeks to restructure its SOEs to mixed ownership in three to five years by attracting private funds via open and market-based capital operations.
At the end of 2013, the number of mixed-ownership enterprises accounted for 63 percent of the total SOEs in Shanghai.
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