China Everbright aims to become the “Blackstone of China”
Apr 08, 2019 (China Knowledge) - China Everbright Group is planning to enlarge the global portfolio of its financial services arm to turn itself into an international private equity and asset management firm.
This year, the company plans to increase the percentage of its funds allocated to foreign assets through increasing its investments through its funds and boosting the company’s US dollar denominated funds.
The company hopes to bring the ratio of its overseas assets to 50% from its current level of under 40%, helping to mitigate risk from a cooling mainland economy by further diversifying its assets.
China Everbright which was founded by the State Council in Hong Kong in 1983 listed on the Hong Kong stock exchange in 1994 and currently has 62 actively managed funds spanning across real estate, health care, technology and manufacturing.
China Everbright started investing into overseas assets five years ago, when the company noticed that the valuation of Chinese assets had peaked. The company hopes to model itself after US asset management giant Blackstone Group in terms of its international presence and reach.
Last year, China Everbright managed to raise USD 1.5 billion from international investors for investment into foreign asset acquisitions. Moving forward, the company hopes to be able to continue raising RMB funds to invest domestically and US-dollar funds to invest overseas.
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