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The first Marine Industry Fund Company established in Ningbo

The first fund management company for marine industry--- Ningbo Marine Industry Fund Management Company officially established on the afternoon of Nov. 15, which was a key breakthrough for Ningbo, as the core zone of marine economy development in Zhejiang Province, to accelerate the development of strong marine economy, promote regional economic restructuring and improve the capability of serving for Yangtze River Delta.

In August this year, Shanghai and Ningbo signed a cooperation agreement on setting up Ningbo Marine Industry Fund worth 10 billion CNY in the matchmaking meeting for Ningbo’s integrating into Shanghai International Financial Center and International Shipping Center. The fund management company is financed 60 million CNY by Shanghai Shipping Industry Fund Management Co., Ltd, Ningbo Development & Investment Group Co. Ltd and Ningbo National Hi-tech Zone Development & Investment Corporation, and they are the initiator, raiser, investor and manager of Ningbo marine industry fund.

The fund will mainly invest in marine and related industries such as port industry and industrial clusters, port service industry, modern freight forwarding industry, shipping industry, coastal tourism, modern marine fisheries, marine high-tech and emerging industries, etc. By means of providing comprehensive business services and promoting marine industry development level for marine and related industries in Ningbo and Zhejiang Province the fund will upgrade the marine industry development and promote Ningbo to become “a big international marine economy city” and “a global trade and logistics port”. At the same time, the fund will speed up the construction of Ningbo’s incorporating into Shanghai international financial center and international shipping center, strengthen communication and cooperation between Ningbo and Shanghai and promote Ningbo’s integrating into Great Shanghai Economic and Financial Rim. All these are good for playing their synergic effect and realizing win-win cooperation.

For the next step, the fund management company will raise fund for the first time. Shanghai Shipping Industry Fund Management Co., Ltd, Ningbo Development & Investment Group Co., Ltd and Ningbo National Hi-tech Zone Development & Investment Corporation will together invest 500 million CNY. The rest will be raised from private enterprises, financial institutions, investors within and outside of Ningbo. The fund will be above 10 billion CNY

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