CMIC enters market with $8b in assets

A 50 billion yuan ($8.14 billion) private conglomerate - China Minsheng Investment Corp Ltd - was unveiled in Shanghai on Thursday with the goal of promoting China's burgeoning private investment in domestic and overseas markets.

The company was launched by the All-China Federation of Industry and Commerce, a chamber of commerce co-founded by 59 private companies in such diverse fields as machinery, information technology, finance, new energy and e-commerce. CMIC's shareholders have combined assets of about 1 trillion yuan.

The 50 billion yuan in registered capital, which will be in place over the next three years, accounts for a stake by each shareholder of no more than 2 percent, or 1 billion yuan, and no less than 0.6 percent, or 300 million yuan, according to information provided at the opening ceremony.