China’s state asset manager to raise at least 100 bn yuan to invest in emerging industries – report

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China Reform Holdings Corp, a Chinese management company of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday.

The fund has already received investment intentions from more than 20 central government-owned enterprises as well as local governments and private investors, and will start operating by the end of this year, the report said.

China’s SOEs have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of Beijing’s SOE reforms.