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CN Central Enterprise Strategic Emerging Industries Development Fund Established with Initial Scale of RMB51B
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Initiated by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council and entrusted to China Reform Holdings Corporation for establishment and management, the Central Enterprise Strategic Emerging Industries Development Special Fund was launched yesterday (29th) in Beijing. The fund is now ready for investment and aims to accelerate the development of strategic emerging industries. The initial scale of the fund is RMB51 billion, with China Reform Holdings planning to contribute approximately RMB15 billion, and a subsidiary of China Unicom subscribing to 2.94% of the fund's shares with RMB1.5 billion. The investment period of the fund is five years, with a management and exit period of eight years, and the investment period can be extended by up to two years, totaling 15 years. As a special fund promoted by SASAC to expedite the development of strategic emerging industries by central enterprises, it will support state-owned central enterprises in addressing industry weaknesses and deploying cutting-edge innovations, further enhancing core functions and improving core competitiveness. It will also focus on supporting strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, quantum technology, and key areas of future industries like future energy, future information, and future manufacturing. AASTOCKS Financial News Website: www.aastocks.com |
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