Apr 19, 2024 04:44 AM
FINANCE
Shanghai Creates $18 Billion State Investment Giant
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Founded in March 2021, Shanghai State-Owned Capital Investment has 10 billion yuan in registered capital and is a shareholder of several of the biggest state-owned enterprises in Shanghai
Shanghai is kicking off a merger between the city’s two leading state-owned investment firms to create a 130-billion-yuan ($18 billion) juggernaut to back innovation and technology startups.
The municipal’s state-owned asset administration Wednesday announced plans to consolidate Shanghai State-Owned Capital Investment Co. Ltd. with Shanghai Science and Technology Venture Capital (Group) Co. Ltd. (Shanghai STVC), both controlled by the city government.
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