Private, State fund planned for SOEs

China Chengtong Holdings Group, a State-owned investment and asset-operating company, said it will launch a large-scale fund to pool State and private capital to finance the mixed-ownership reform of the country's State-owned enterprises.

The plan is the company's newest initiative to support China's SOE reform, after it started the 350 billion yuan ($53.7 billion) national structural reform fund last September in collaboration with several big state firms to provide capital for SOEs' mergers and acquisitions, asset restructuring and industrial upgrades.

The new fund will target projects related with SOEs' ownership reforms, with private capital expected to make up a big portion of the fund, according to the company's chairman, Ma Zhengwu.