Granted First Business License to Foreign-Funded Equity Investment Partnership Enterprise in China

Source: www.sgs.gov.cn

On March 3, 2010, Chen Xuejun, deputy director of the Shanghai Administration of Industry and Commerce (SAIC), issued the business license to Fosun-Carlyle (Shanghai) Equity Investment Fund, which is the first foreign-funded equity investment partnership enterprise in China. Relevant persons in charge of the Foreign Investment Enterprise Registration Division of the SAIC and nearly 20 major mass media residing in Shanghai including Xinhua News Agency Shanghai Branch, China National Radio, Shanghai Television News Center, Shanghai Radio, Jiefang Daily, and Wenhui Daily attended the license-issuance ceremony.

As the first foreign-funded partnership enterprise in China engaged in equity investment, Fosun-Carlyle (Shanghai) Equity Investment Fund has the subscribed capital of 100 million U.S. dollars invested by two partners: Carlyle Silk Road Investment Ltd. of Carlyle Group, which is one of the largest globe private equity investment firms, and, Shanghai Fosun Industrial Investment Co., Ltd. of Fosun Group, which is the largest private-owned conglomerate in China. Such strategic cooperation between Carlyle and Fosun is due to the promulgation of the Administrative Measures on the Establishment of Partnership Enterprises in China by Foreign Enterprises or Individuals effective on March 1, 2010. According to their business cooperation framework agreement, the Fund will be raised from global investors and is expected to become the first domestic partnership fund with foreign investment.