Shougang Concord, Everbright in venture
Hong Kong-listed Shougang Concord Grand (Group), an investment unit of mainland steelmaker Shougang Group, signed an agreement with China Everbright Investment Management to tap into the domestic financial industry.
A Shougang statement said it would contribute 90 per cent of the funds for each segment, including finance, equity investment and investment banking, while Everbright would put up the balance. The two companies are expected to earmark a total of 1 billion yuan (HK$1.13 billion) initially. The agreement has a duration of three years. Everbright will source and identify lucrative deals and Shougang will be responsible for raising funds.
Shougang said only a framework agreement was signed and the two parties would discuss further details to implement the co-operation.