BEIJING, July 13 (Xinhua) -- Guangdong Qunxing Toys Joint-Stock Co. (002575.SZ) announced on Thursday that it planned to set up an industry-buyout fund with Top Rank Capital.
According to the announcement, the target fund volume is about 1 billion yuan, of which Top Rank Capital and its designated institution will invest no less than 100 million yuan and Qunxing Toys will invest up to 100 million yuan. The other 800 million yuan shall be raised by Top Rank Capital.
The company said that the funds are established to accelerate the upgrading and transformation of the company’s toy business and realize the expansion of the company’s second main business.
(Edited by Yang Yifan, yangyifan@xinhua.org)
A single purchase
