FINWIRES · TerminalLIVE
FINWIRES

Changhong to Invest 535 Million Yuan in Smart Hardware Fund

By

Sichuan Changhong Electric (SHA:600839) will invest in a smart hardware venture capital fund, according to a Friday filing with the Shanghai bourse.

The appliance maker will invest 535 million yuan, equivalent to a 53.5% stake in the 1 billion-yuan fund, the filing said.

The fund will invest in smart home appliances, the digital economy, and the healthcare sector. It will have a term of 10 years.

At least 60% of the total fund size will go to early-stage startups, while up to 40% will fund mature-stage projects, Changhong said in its filing.

Related Articles

Asia

Korea Electric Power Says South Korean Government's Power Generator Merger Details Undecided

Korea Electric Power (KRX:015760) said Friday that the details of the South Korean government's plan to merge its five power generation subsidiaries, combining oil and gas firms in a sweeping energy overhaul, into a single entity are yet to be decided.The clarification came after The Herald Business and other media outlets published reports on the same on Thursday. Korea Electric Power will make another disclosure once specific details are determined or within a month, the company said in a Friday filing with the Korea Exchange.Shares of Korea Electric Power fell nearly 1% in recent trade.

KRX:015760
Asia

CSL Says Vanguard Group Raises Stake

CSL (ASX:CSL) said Vanguard Group raised its voting power in the firm to 7.001% as of Aug. 31 from 6% previously, according to a Friday Australian bourse filing.Vanguard holds 33.5 million ordinary shares in the firm as of Aug. 31, per the filing.

ASX:CSL
Asia

Jingneng Clean Energy Buys Land via Unit Stake Sale

Beijing Jingneng Clean Energy (HKG:0579) will sell a 12.1% stake in a subsidiary to Jingxi Power Generation in exchange for industrial land, which had been previously leased to accommodate the company's assets, according to a bourse filing on Wednesday.The company said it bought the land, located in Beijing and valued at 279.5 million yuan, in order to proceed with construction for its waste heat utilization project, which would not have been otherwise permitted under its previous arrangement with Jingxi.Jingxi Power was issued 141.1 million new shares in the subsidiary, and the company did not receive cash proceeds from the transaction.Both Jingxi and Jingneng are tied to Beijing Energy Holding, the holding and controlling entity of the companies.

HKG:0579