A delegation from Fujian Electronics and Information Group visited the Pingtan Comprehensive Pilot Zone (PCPZ) on Aug 1 to discuss matters concerning landing an equity fund.

Huachuang (Fujian) Private Equity Fund, which is registered in Pingtan, is the first fund set up through cross-Straits industrial cooperation. It will be a new force for the cross-Straits financial industry, said Zhong Jun, the company’s general manager.

He added that he hopes Pingtan will help to initiate the fund by rolling out further support in policies, resources and operation.

The fund signifies cross-Straits financial cooperation. Pingtan will definitely strive to push for its operation as early as possible, said Li Dejin, deputy director of the PCPZ’s administrative committee.

Background:

Fujian Electronics and Information Group Co is a company managing State-owned assets and investments in the electronic and information industries. It was set up by the Fujian provincial government in 2009 with a registered capital of 1.6 billion yuan ($260 million).

Huachuang (Fujian) Private Equity Fund was jointly initiated by Taiwan-based China Development Financial Holding Corporation, Fujian Electronics and Information Group along with many overseas investment agencies.

The fund completed first-stage fundraising of 1 billion yuan in late July, and is expected to double the volume in the future. Most of the fund will be invested in industries of consumption, biomedical engineering and new information.