SAIC Motor (SHA:600104) subsidiary SAIC Finance will co-establish the Ningbo Yongyuan Junsheng Equity Investment Partnership with several state-owned and financial partners, including entities under the Zhejiang and Ningbo finance bureaus and Guotai Junan.
The fund has an initial committed capital of 1.09 billion yuan, with SAIC Finance contributing 270 million yuan for a 24.8% stake, according to a Tuesday filing with the Shanghai bourse.
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