Tianjin OK'd to Launch 2nd Industrial Investment Fund

TIANJIN, Sep 02, 2008 (SinoCast China Financial Watch via COMTEX) -- IIIH | Quote | Chart | News | PowerRating -- Tianjin, a city about l37 kilometers southeast of Beijing, is approved by the National Development and Reform Commission (NDRC), the nation's macro- economy regulator, to establish a shipping industrial investment fund, according to people at the Tianjin branch of NDRC.

The fund is designed to reach CNY 20 billion. It aims to form a fund-oriented shipping operation model for the city, with direct fundraising to buy big-sized ships and ships for special purpose. And the fund is expected to play a significant role in enhancing the nation's shipbuilding and shipping sectors, forming the nation's direct financing system for shipbuilding and ship marketing, and boosting Tianjin into an international shipping center and an international logistics center.

Once set up, it will be the second industrial investment fund in Tianjin. Previously at the end of 2006, the city's first such fund - Bohai Industrial Investment Fund - made its debut, with a size of CNY 20 billion as well. Bohai industrial fund was also the first renminbi industrial fund in the country.

By now, Tianjin has had more than 100 equity investment funds and venture capital investment funds. And there have been more than 70 well-known private equity investment funds both at home and abroad registered in the Binhai New Area of the city.

Cui Jindu, vice mayor of Tianjin for financial affairs, reiterated that the city would concentrate on the development of venture capital investments and private equity investments and make efforts to enlarge the size of direct financing, in a bid to position Tianjin as the non-securities fund center.

In addition, Tianjin has held China International Private Equity Forum for twice, which attracted more than USD 100 billion of funds each year. The city for the first time realized the capital connection between international private equity funds and small and medium enterprises, which is a key step for it to become an international fund center.

Last September, the Tianjin Private Equity Association, the first self-disciplined private equity fund association in the country, made its debut. The association is to make self- disciplined regulations, supervise its members, forbid the intra-industrial unfair competition, as well as educate investors.

(USD 1 = CNY 6.84)

From www.cnstock.com, Page 1, Monday, September 01, 2008 info@SinoCast.com

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index