Minsheng Investment reveals ambitious path towards 1tr yuan valuation within three years
CMIG president Li Huaizhen: “We want to bundle all the resources of different private businesses to play a leading role in the Chinese economy”
After more than two years in operation, China Minsheng Investment Group (CMIG) – the mainland’s largest non-state investment conglomerate – has lifted its veil of secrecy for the first time to reveal ambitious plans to create a huge business empire, that should play a key role in the development of China’s entire private sector.
In an interview with South China Morning Post, its president Li Huaizhen said the business is set for massive expansion, mainly through acquisition, and has a target value of 1 trillion yuan by 2019, just five years after its creation.
“We are looking at quite a few segments, encompassing financial and industrial assets. We are already heavily involved in new energy, property management, prefabricated construction, investment banking, leasing and insurance,” Li said.
“The businesses is being developed according to script, and we are certain of reaching that one-trillion-yuan-level on schedule.”
The president added that CMIG would also focus on insurance, leasing and asset management to bolster its financial businesses while consolidating its footholds in the other areas, including the elderly care market.
Founded in 2014, CMIG was the brainchild of Chinese Premier Li Keqiang and has been attracting rave reviews over the past two years, just as the national economic slowdown has continued to wallop privately-owned businesses.