ChinaEquity Group to list on New Third Board
ChinaEquity Group, a Beijing-based private equity firm, has won regulatory approval to list its renminbi investment business on China’s National Equities Exchange and Quotations (NEEQ), also known as the New Third Board.
The domestic GP said in a statement that it has also received green light to become a market maker, selling and buying the securities of listed companies on the New Third Board.
ChinaEquity was founded in 1999 and manages about RMB5.4 billion ($850 million) in renminbi assets, including four PE funds and three VC funds. The firm invests in companies from seed to growth stages, targeting the internet, advanced manufacturing, consumer and services, healthcare, cleantech and media industries. Past investments include search giant Baidu, entertainment firm Huayi Brothers and healthcare check-up services provider Meinian Onehealth Healthcare.
ChinaEquity expects the listed business to achieve a market capitalization of hundreds of billions in renminbi within five years. The listing will help the firm improve its internal management and information transparency, as well as to build its brand in the market, it said.
Last year, JD became the first Chinese PE firm to list on the country's New Third Board. It is now seeking to list on Shanghai's main board through a reverse merger with publicly-traded property developer Jiangxi Zhong Jiang Real Estate. The other PE firms on the New Third Board are CSC Group and Shenzhen Cowin Capital.
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