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CHINARES PHARMA Plans to Establish Joint Venture Innovation Investment Fund
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CHINARES PHARMA (03320.HK) announced that China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership, China Resources Pharmaceutical Investment Company Limited (a wholly-owned subsidiary of the company), China Resources Boya Bio-pharmaceutical (300294.SZ) (a non-wholly owned subsidiary of the company), Dong-E-E-Jiao (000423.SZ) (a non-wholly owned subsidiary of the company), China Resources Double-Crane (600062.SH) (a non-wholly owned subsidiary of the company), Jiangzhong Pharmaceutical (600750.SH) (a non-wholly owned subsidiary of the company), Chengdu Runyao Industry Investment Partnership, and five other independent third parties have proposed to establish a joint venture fund, tentatively named as China Resources Pharmaceutical (Chengdu) Innovation Investment Fund Partnership with a proposed size of RMB1 billion for a total term of seven years. The proposed aggregate capital commitment of the group will amount to about RMB245 million, representing around 24.5% of the total capital commitment of the Fund. It is expected that, upon establishment, the fund will not be accounted for as a subsidiary of the company. Shenzhen China Resources Capital Equity Investment Co., Ltd. is expected to be entrusted as the fund manager of the fund. It is expected that the fund will be principally engaged in equity investment, venture capital and investment management activities, primarily in pharmaceutical and health industries and strategic emerging sectors. Taking into account the industrial policies and favorable measures of the Chengdu government, the fund is expected to focus on investments in enterprises in the fields of chemical innovative drugs, biological drugs (including vaccines), high-end medical devices (including IVD), traditional Chinese medicine tonics, synthetic biology and other enterprises in strategic emerging sectors. AAStocks Financial News |
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