BEIJING, Dec. 29 (Xinhua) -- A pilot cross-border private equity fund was successfully filed with the Asset Management Association of China (AMAC) on December 24, marking the official launch of the first of its kind in Southwest China's Guizhou province, according to the Xinhua-run cnstock.com.
The fund is expected to raise about 500 million yuan mainly from Singapore investors at the first phase, which will flow to the province's high-tech industries, such as artificial intelligence and big data, as well as other fields, including tourism and environmental protection.
The fund was launched by a Guizhou-based enterprise which was approved in May to conduct cross-border equity fund management by the local authority on a trial basis.
Earlier, in October 2017, the government of Guizhou province issued documents to allow the pilot cross-border equity investment in the China (Guizhou) Pilot Free Trade Zone, meaning that the foreign investors can invest in the province’s enterprises excluded in the negative list, through the program of the qualified foreign limited partnership (QFLP). (Edited by Li Wenxin, liwenxin@xinhua.org)
A single purchase
