On March 31, the opening ceremony of CR State-Regulated Xiamen Consumption Fund, a fund formed by the cooperation between the central and local governments, was held in Xiang'an District of Xiamen. This fund was jointly initiated by CR Capital, CR Enterprise, Chengtong Fund Management Co., Ltd. ("Chengtong Fund"), Shenzhen Overseas Chinese Town Capital Investment Management Co., Ltd. (OCT),and two levels of People's Governments of Xiamen Municipality and Xiang'an District.
The following people attended the opening ceremony, delivered a speech and unveiled the Fund: Cheng Ming, Deputy Head of Xiang'an District People's Government of Xiamen City, Xue He, Member of Party Committee and Deputy General Manager of Jinyuan Group, Miao Qinghua, Secretary of Party Committee of Chengtong Fund Management Co., Ltd., Carl Qin, General Manager of CR Capital, Lin Yude, General Manager of OCT, Cheng Xi, Chief Investment Officer of OCT, Song Qing, Chairman of CR State-Regulated Xiamen Consumption Fund and Wang Xin, the General Manager of the Fund.
Carl Qin, General Manager of CR Capital said in his speech that the official opening of CR State-Regulated Xiamen Consumption Fund is one of the important achievements of cooperation with Xiamen municipality，and the Fund will vigorously promote the in-depth collaboration between Xiamen and CR Group in the resources of the consumer goods sector. It will also fully integrate the industrial and resource accumulation of the three state-owned enterprises (China Resources, Chengtong Fund and OCT), and bring into full play the advantages of local resources of Guide Fund at municipal and regional governments to expand its presence in mass consumption. By means of equity investment and industry empowerment, this fund is expected to help invested enterprises to achieve leap-forward development, and to facilitate the transformation and upgrading of the local economy and consumption sector, making contribution to the urban construction of a new Fujian in the new era and the high-quality development of the West Straits Economic Zone. At the end of the speech, Mr. Carl Qin, on behalf of CR Capital, expressed his sincere thanks to the leaders and partners and congratulations to the Fund team.
Wang Xin, General Manager of CR State-Regulated Xiamen Consumption Fund, mentioned in his speech that people's livelihood and consumption was a focus in General Secretary Xi's recent visit of Fujian. Since Fujian has many well-known consumer companies, the Fund will have a wide range of development opportunities in the future. We are now at a new starting point in the history of the unprecedented change of the century, and we believe that the consumption pattern in China will undergo a huge change. Mr. Wang Xin expressed his heartfelt thanks to all the leaders and investors for taking the time to attend the ceremony, as well as for their strong support and assistance to the Fund and the team, and also hoped that they would continue to pay attention to and guide the growth and development of CR State-Regulated Xiamen Consumption Fund in the future.
With a vast and stably growing consumer sector, China is offering great fields for navigating through cycles. With technological advances and changes in consumption habits, the consumer industry is facing multi-dimensional structural upgrade adjustments, generating a large number of systematic investment opportunities. With advances in technology and changes in consumer habits, diversified communication channels are stimulating consumers' desire to buy, so the consumer industry still contains unlimited possibilities and plenty of investment opportunities. Because of this, CR State-Regulated Xiamen Consumption Fund hopes to give more resource synergy to the invested companies in the consumer industry through equity investment and industrial empowerment, to promote the invested companies to leap forward and help the structural transformation and upgrading of local economy and the consumer industry. CR State-Regulated Xiamen Consumption Fund will invest in the sector of consumer products, follow the trend of upgrading and transformation in the consumer industry, continue to focus on the opportunities of laying out new supply chains and logistics transformation, and opportunities for consumer goods under the new consumer preference, and promote products, supply chains and channels to complement each other and develop collaboratively. The fund will promote the synergistic development of the whole industry chain through China Resources' existing industries and invested industries, focusing on fast-growing enterprises, laying out leading enterprises in sub-industries, and amplifying synergistic advantages based on each party's industrial accumulation.
With the support of Xiamen Municipal Government, China Resources has achieved good results in all the businesses promoted in Xiamen. Currently, the investment of China Resources in Fujian involves 10 industries such as electricity, real estate, cement, gas, medicine, retail, beer, food, water and beverage, finance, etc., forming a qualitative and influential industrial cluster with an investment of over RMB 40 billion. CR Group will continue to deepen its comprehensive strategic cooperation with Fujian Province, further increase its investment in Fujian. Both sides are willing to cooperate under the strategic dimension of "14th Five-Year Plan". CR Group will continue to give full play to its comprehensive advantages, further expand its effective investment in Fujian, while enhancing market consumption and amplifying import and export trade, contributing to the construction of the new Fujian in the new era and the high-quality development of the West Straits Economic Zone to practice the original mission of China Resources!
CR State-Regulated Xiamen Consumption Fund was jointly established by CR Capital Management, CR Enterprise, Chengtong Fund Management Co., Ltd., Shenzhen Overseas Chinese Town Capital Investment Management Co., Ltd., Beijing POP MART Cultural & Creative Co., Ltd., Guide Fund at municipal and regional levels in Xiamen and People's Government of Xiang'an District of Xiamen.
