Chinese investment banking firm CEC Capital Group has reached a first closing of RMB3 billion (US$430 million) for its maiden future industry fund, which will invest in companies operating in innovative industries in China.
The vehicle secured commitments from a wide range of investors, including government guidance funds such as the Yangtze River Industry Fund, state-owned enterprises, including Beijing Shougang Co., Ltd., publicly listed companies, such as KPC Pharmaceuticals Inc., and other unnamed institutional investors, the firm announced yesterday.
"We want to become the financial world's new spices that combines and leverages investment banking and direct investments closely," said Wang Ran, founder of CEC Capital, a former Goldman Sachs banker and Harvard MBA graduate. "I believe rather than simply adding investment banking and dir...
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