Shenzhen Energy unit nears $700m strategic investment

Shenzhen Energy Group (SZSE:000027) announced that its subsidiary, Shenzhen Energy Environmental Protection, has finalized agreements to bring in strategic investors via a public listing and capital increase, with a total investment of approximately RMB 5 billion ($700 million). The investors, including a consortium of China National New Energy Venture Capital Fund (Chengdu) and China National New Energy Venture Capital Fund (Qingdao), China Life Investment Insurance Asset Management, China Insurance Investment Yian (Shanghai) Private Equity Fund, and Taiping Life Insurance, will collectively hold 31.18% of the environmental protection company following the capital increase. Shenzhen Energy, along with its subsidiary Shenzhen Energy Transportation, will retain a 68.82% stake. The funds raised will be used to support the environmental protection company's growth and development.