Chinese conglomerate HNA Group and China Cinda Asset Management have signed a strategic agreement to set up an industry buyout fund worth at least 20 billion yuan ($2.91 billion), HNA said in a statement on Friday.
The fund falls in line with Beijing’s “go global” strategy, and the two companies will team up in areas such as outbound acquisitions and financial leasing, HNA said.
According to its website information, China Cinda was founded in April 1999 and later designated by the State Council in June 2010 as a pilot entity for the reform of financial asset management companies in the country. The Company got listed on the Stock Exchange of Hong Kong on December 12, 2013.
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