Zhejiang Orient Financial to Set Up Partnership Fund

MT Newswires Live07-01

Zhejiang Orient Financial (SHA:600120) will establish a partnership fund through its unit, Zhejiang Orient Industry-Finance Investment, according to a Shanghai bourse filing on Tuesday.

The fund, Dongfang Xiangshan High-Quality Development Partnership (Limited Partnership), will have a target size of 500 million yuan.

Zhejiang Orient Industry-Finance Investment will act as the fund manager and will initiate the fund's formation. It will designate an entity to subscribe to 174 million yuan, while Zhejiang Orient Industry-Finance Investment will subscribe to 1 million yuan.

The nine-year fund will invest in life and health industries, particularly biopharmaceuticals, as well as high-end equipment and new materials, the Chinese financial and quasi-financial company said.

Zhejiang Orient Financial's shares slipped over 1% in recent trade.

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