(25 February 2010, Hong Kong) — China Everbright Limited (“Everbright”) and four local enterprises from Jiangyin City in Jiangsu Province have jointly established Everbright Jiangyin New Energy (Low Carbon) Industry Investment Co. Ltd. (“Everbright Jiangyin New Energy”), a RMB 3 billion fund that will focus on new energy projects, resources and affiliated enterprises, via stakeholding investment. The Fund’s investment period is planned to be four years, its first phase of fund closing exercise has reached a billion RMB, and Everbright’s subsidiary is appointed as the Fund’s manager. 

 

Everbright said, “The Everbright Jiangyin New Energy Fund isour third partnership with Wuxi and Jiangyin within the last six months, and its scale is larger than its predecessors, which demonstrates our increasing confidence in the cities’ economic potential. The investment focus on new energy projects also reinforces our ‘3+2 Macro Asset Management’ business strategy, by which we look into investment opportunities, in investment fund format, for high-growth potential projects. The Everbright Jiangyin New Energy Fund will capitalise on our extensive market network and competitive edges in asset management to generate rewarding returns for investors, and it will open more capital channels for local enterprises in order to accommodate their rapid growth.” 

 

Prior to this Fund, Everbright had established two venture capital funds of RMB 500 million each in Wuxi and Jiangyin cities, investing in projects with significant growth potential such as hi-tech industry. 

 

Mr. Zhu Min-yang, Secretary of Jiangyin Municipal Committee, also commented on the Fund’s establishment. “This partnership with Everbright provides lots of learning opportunities about the Company’s outstanding management model, modern business structure and organisational rules, which will enable Jiangyin enterprises to meet market requirements and develop at an appropriate pace. In addition, it will provide investment opportunities for Everbright in infrastructural development projects supporting emerging industries, creating a capital-based operation model of government participation, diversified investment and market-driven operation.” 

 

Currently, Everbright is committed to various fund management businesses under its “3+2 Macro Asset Management” philosophy. The Company’s direct investment division has established a few offshore private equity funds under its “China Special Opportunities Fund” series, and it now has three venture capital funds with Beijing Zhongguancun, Jiangyin City and Wuxi City. On the asset investment front, in addition to this new energy fund, the Company’s China real estate fund has finished its first phase of fundraising last year, while the infrastructure fund established with Macquarie is in good progress.