HONG KONG (Reuters) - China Minsheng Investment Group (CMIG), the country’s biggest private investment group, is targeting a valuation of 1 trillion yuan (120.83 billion pounds) by 2019, the South China Morning Post quoted its president as saying.
The business is set for massive expansion, mainly through acquisitions, the firm’s president Li Huaizhen told SCMP in an interview. He did not give a current valuation of the company.
“We are looking at quite a few segments, encompassing financial and industrial assets. We are already heavily involved in new energy, property management, prefabricated construction, investment banking, leasing and insurance,” Li said.
A former chief of the mainland banking regulator’s accounting department, Li said the group’s interests are diversified.
“We want to bundle all the resources of different private businesses to play a leading role in the Chinese economy,” Li said.
Founded in 2014, CMIG has a registered capital of 50 billion yuan and its founding members include 59 leading non-state-owned companies such as Suning Commerce Group and developer Yida Group.
CMIG initially focused on offering loans and other means of debt financing to expand its business, and now its total assets have broken through 200 billion yuan, following a clutch of investments and acquisitions.
To see the SCMP story, click here
($1 = 6.7654 Chinese yuan renminbi)
Reporting by Michelle Chen; Editing by Adrian Croft