First large private investment company set up in China

The country's first national-level private investment company, China Minsheng Investment, was established on Thursday.

Endorsed by the State Council (China's cabinet) in April, China Minsheng Investment has a registered capital of 50 billion yuan (8.1 billion U.S. dollars), funded by the top 59 private Chinese companies.

The 59 shareholders are all large-sized private companies, with combined assets of nearly 1 trillion yuan. They are involved in a range of businesses from machinery manufacturing, metallurgy, information technology, assets management, environmental protection, new energy, power generation and e-commerce.

The most shares any single company can own is 2 percent of China Minsheng Investment, and the bottom stake is no less than 0.6 percent.

Before China Minsheng Investment, China Investment Corp, the nation's sovereign wealth fund, was the only big national-level investment company.