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First non-state consortium emerges in Zhejiang Province
2004-06-17
Xinhua
China has had its first non-state joint-stock company crowned with the title of "consortium" that is authorized to operate without geological limitation on the Chinese mainland.
Sinorich Consortium (Holdings) Co., Ltd. started operation Wednesday in Wenzhou City of Zhejiang Province, which is famous for a full-fledged growth of private enterprises.
Formed on the basis of nine local influential non-state enterprises, Sinorich Consortium has 55.8 million yuan (6.72 million US dollars) in registered capital, and will integrate financial business with manufacturing and trade, according to Wang Zhentao, a member of the board and spokesman of the company.
Wang said Sinorich Consortium will mainly invest in the fields that needs huge amount of capital, such state key construction projects and mergers and acquisitions.
At Wednesday's launching ceremony, the consortium signed agreements on cooperation with Auchan, a Fortune 500 from France, and banks, and inked investment deals on two local projects involving hydropower generation and sewage treatment.
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