China has established ten industrial investment funds and most of them have met difficulty in fundraising.
China has established ten industrial investment funds and most of them have met difficulty in fundraising.
Bohai Industrial Investment Fund Management, the first Chinese industrial investment fund, was established on 30 December 2006 with a total fundraising size of CNY20bn.
So far, ten such industrial investment funds have been established in the country, including Shanxi Energy Industry Investment Fund, Guangdong Nuclear Power & New Energy Industrial Investment Fund, Shanghai Financial Fund, Sichuan Mianyang High Technology Fund, Sino-Singapore Hi-tech Industry Investment Fund, Huayu Water Industry Investment Fund, Tianjin Ship Industry Investment Fund, Northeast Equipment Manufacturing Industry Investment Fund and Urban Infrastructure Construction Investment Fund.
The fundraising size of the ten funds exceeds CNY140bn in total.
However, Wang Shouren, secretary-general of the Shenzhen Venture Capital Association, said most of them have met difficulty in fundraising. Some of the funds have not achieved the phase one fundraising goals due to prudential investment attitude of investors.
China Shipbuilding Industrial Investment Fund, which planned to raise CNY20bn, has raised CNY3bn due to uncertainty of the domestic economy.
