State-backed investment holding company Legend Holdings plans to invest approximately RMB10 billion ($1.5 billion; €1 billion) in five industries over the next five years.
The sectors of focus are clean energy and environmental protection, new material, high tech, financial services and domestic consumer-related industries.
At a press conference in Beijing Tuesday, Liu Chuanzhi, president of Legend Holdings, reportedly said he wants to list the holding company and it subsidiares in the future, in part to shake the perception that Legend is a state-owned entity.
Such a move would be in part to help computer giant Lenovo Group, in which it has a 43.2 percent stake. Liu said the company had encountered “difficulties in the past with government-related orders as it was seen as a state-controlled company” the Financial Times reported.
According to the Wall Street Journal, Liu said Legend's subsidiaries – which include private equity firm Hony Capital, venture firm Legend Capital and real estate arm Raycom Real Estate Development – should list first, ahead of their parent, however, he noted Chinese law prevents both parent companies and their subsidiares from listing. Liu said he hopes this regulation changes, the Journal reported.
A Legend Holdings spokesperson told sister publication PEI Asia, however, that its subsidiares would list “in the near future” but that this would not include the private equity and venture capital subsidiaries.
Legend Holdings did not respond to further requests for comment at press time.