Shanghai (Gasgoo)- SAIC Motor announced on May 17 its two investment subsidiaries, SAIC (Changzhou) Innovation Development Investment Fund Co., Ltd. and Shanghai Shangqi Investment Management Partnership (L.P.) (“Shang Qi Capital”), will jointly set up a fund that focuses on the investment in high-quality enterprises related to innovation and development in the automotive industry chain.
SAIC Motor said the move will help enhance its extension, flexibility, and completeness in the automotive industry business layout.
Photo credit: SAIC Motor
This investment does not require approval from the shareholders' general meeting and does not constitute a significant asset restructuring matter for the listed company, according to SAIC Motor’s statement.
The yet-to-be-registered fund would be named Jiaxing Chuang Qi Venture Capital Partnership (L.P.). Its operation site will be located in Nanhu district, Jiaxing city, Zhejiang province.
The new fund will involve a total subscribed capital of 5 billion yuan, 99.98% of which would be contributed by SAIC (Changzhou) Innovation Development Investment Fund.
SAIC Motor said the fund is expected to help the company further improve its automotive industry chain layout by leveraging the advantages of professional investment institutions and is in line with the company's development strategy. Moreover, it will enable SAIC Motor to obtain reasonable investment returns, and create value for the company and all shareholders.
