Sep 17, 2014 05:34 PM

Harvest Announces Closed-End Fund to Invest in Sinopec Sales Company

By staff reporters Liu Caiping and Lin Jinbing

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(Beijing) – Harvest Fund Management Co. Ltd. unveiled a new closed-end fund to the public on September 16 that will mainly invest in the sales subsidiary of China Petroleum & Chemical Corp. (Sinopec).

Sinopec said on September 14 that it has chosen 25 backers to invest in a company that will be formed out of its sales subsidiary. Harvest Fund is one of the 25. It will invest 5 billion yuan for a 1.4 percent stake in the company.

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