Chinese construction machinery manufacturer Zoomlion Heavy Industry Science and Technology Co., Ltd. plans to establish an industry investment vehicle with a fundraising target of RMB3.21 billion (US$481 million) to capitalize on industrial consolidation and state-owned enterprise reforms.
China's central and local governments, as well as state-owned enterprises (SOE) and industry associations, have been launching industry M&A funds as the country continues to press on SOE reforms and industry consolidation.
Just three days ago, ten SOEs teamed up to launch a RMB350 billion (US$52.5 billion) national fund to help major state-owned enterprises restructure by industry consolidation and cutting excess capacity.
The Zoomline vehicle, named Shanghai Lulian Junhe Industrial Equity Merger and Acquisition and Investment Fund Partnershi...
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