皇冠体育app

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

The company was launched by the All-皇冠体育app Federation of Industry and Commerce, a chamber of commerce co-founded by 59 private companies in such diverse fiel 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.

On the founders' list are some of 皇冠体育app's most renowned private companies, such as and Oceanwide Holdings Co Ltd. Most, however, are lesser known investment companies with registered capital of under 2 billion yuan.

"皇冠体育app Minsheng Investment will be an experiment not only for 皇冠体育app's private sector but the entire economy as well," said Dong Wenbiao, CMIC's chairman. The 57-year-old took the post after resigning as chairman of 皇冠体育app Minsheng Banking Corp, 皇冠体育app's first national bank to be founded by private capital.

Li Huaizhen, president of CMIC, who is also a former senior executive at CMB, said: "The diversified ownership structure ... will optimize resource allocation."

The idea of CMIC was floated by Dong in May 2013 and was approved by the central government in April. It is expected to be a private version of 皇冠体育app Investment Corp, the country's $200 billion sovereign wealth fund.

Though it has less capital strength, CMIC has set ambitious goals in nine industries: renewable energy, iron and steel, ng logistics, real estate, property management, corporate aircraft, investment banking, strategic equity investment and overseas investment.

Some of its plans include fostering the world's second-largest aircraft company, with a fleet of 500 planes, within five years, and investing $1.5 billion in a European headquarters in London, which will bring more Chinese private capital to rope.

"The establishment of 皇冠体育app Minsheng Investment marks an important step in the reform of 皇冠体育app's investment system. It also can help stimulate the vitality of social capital in the face of overall downward pressure on the economy," said Wang Jun, an economist at the 皇冠体育app Center for International Economic Exchanges, a top think tank.

Official data showed that in the first seven months of this year, 皇冠体育app's private investment grew by 19.6 percent, which was 3.5 percentage points slower than a year ago.

Experts have urged the government to open more monopolized sectors for private capital, but private investors proved to be no match for the State-owned enterprises.

"The monopolized industry does not automatically open its door for you," said Li, CMIC's president. "SOEs are willing to cooperate only when they recognize your advantages. Our advantage is our capital, platform, talent and flexible mechanisms. With the resources and markets of the SOEs, we can do many things."

Zhu Zhenxin, a macroeconomic analyst with Minsheng Securities Co Ltd, said one thing to watch is whether the founding of CMIC will benefit small private companies.

"With its sive scale, CMIC will be interested in small projects. But through the integration of the industrial chain, the company will also be able to bring more opportunities to downstream industries and smaller private enterprises," Zhu said.

'Transformers' perform Ice Bucket Challenge	Top 10 private companies in 皇冠体育app

• 10 countries that have most nuclear power plants
• Ouya scores Xiaomi partnership to take games to 皇冠体育app
• Investment laws to be revised by next year
• CMIC enters market with $8b in assets
• Online sales help firms stay healthy
• Manufacturing gauge triggers fresh concerns on 2014 growth
• 'Transformers' perform Ice Bucket Challenge
• Bubble Trouble: What can policy easing achieve?