Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
PE fund to make debut
Adjust font size:

Bohai Industrial Investment Fund, the nation's first private equity firm, will make its debut investment today, a milestone for the nation's fledgling PE sector.

 

The private equity pioneer will acquire a minority stake for about 1.5 billion yuan in cash in Tianjin Pipe (Group) Corp, the country's largest maker of steel pipes for building oil pipelines, the fund said yesterday.

 

The two companies will sign the deal today in Tianjin, North China's largest port city, where both are located.

 

Tianjin Pipe estimates output of a million tons of steel pipes this year, accounting for 50 percent of the domestic market. The company was formerly backed by local government.

 

The pipe manufacturer said it will notch up 37 billion yuan in annual sales revenue and 1.6 billion yuan in net profit by the end of this year.

 

It posted net profit of 1.38 billion yuan for 2006, up 46 percent from the 947 million yuan in earnings the previous year. Its total assets were 21.14 billion yuan at the end of last year.

 

As China's first private equity fund, Bohai Industrial was approved on December 30 last year.

 

With 20 billion yuan in capital under management, the fund is 53 percent-controlled by Bank of China Ltd. Its other shareholders include BOC International (China) Ltd, China Life Insurance Co, the Postal Savings Bank of China, the National Council of Social Security Fund, China Development Bank and TEDA International Holding Co.

 

(China Daily November 2, 2007)

 

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Conditions Ripe for China to Expand Private Equity Funds
- China's 1st industry fund to make debut investment
Most Viewed >>

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?