Yangzijiang Shipbuilding (Holdings) has entered a limited partnership agreement with Tibet Gold Investment Management to subscribe for a 90 percent equity interest in Wuxi Jinyu Yangchuan Venture Capital Investment Partnership, a venture capital investment fund, for 900 million yuan, the Chinese shipbuilder said in a filing to SGX Thursday.
Tibet Gold will manage Jinyu Yangchuan as the sole general partner, while Jiangsu New Yangzi Commerce
& Trading (JNCT), an indirect wholly owned subsidiary of Yangzijiang, will be a limited partner, the filing said.
Jinyu Yangchuan will make investments in healthcare, new materials, information technology services, smart manufacturing, new energy and ecological environment industries, the filing said.
The fund’s strategy will be to seek capital gains from providing seed capital in Jiangsu Province, the filing said.
The operational term of the fund will be seven years, and its total paid-up capital will be 1 billion yuan, the filing said.
Yangzijiang said the investment would enhance its management expertise in cash redeployment, and would promote the public interest by participating in community growth and development in the region.