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CR Capital Management and Kunlun Capital Signed the Framework Agreement for CR and Kunlun Dual Carbon and Dual Currency Parallel Fund
Released:2022-01-21

Recently, CR Capital Management and Kunlun Capital have signed the Framework Agreement for CR and Kunlun Dual Carbon and Dual Currency Parallel Fund.

To respond to China's call of "Peaking Carbon Dioxide Emissions before 2030 and Achieving Carbon Neutrality before 2060" and support the transformation and upgrade of the energy system, economic system, and technological innovation system, CR Capital Management and Kunlun Capital have jointly entered into the Framework Agreement for CR and Kunlun Dual Carbon and Dual Currency Parallel Fund recently. The parties will set the CR and Kunlun Dual Carbon and Dual Currency Parallel Fund (hereinafter referred to as "this Fund") and invest in high-quality Dual Carbon equity projects. Such investments will cover the fields such as eco-friendly electricity generation, intelligent heating, hydrogen energy, energy reserves, energy Internet, big data, and new materials. The total amount of this Fund is RMB 8 billion, including an RMB fund of RMB 4 billion and a USD fund of USD 600 million. This Fund will be implemented in multiple steps, and the RMB fund program will be implemented in 2022.

 

This Fund will also give full play to the advantages of CR and CNPC in terms of industry, channel, brand, capital operation, and experts, unearth and cultivate high-quality projects in the "Dual Carbon" field, lead the transformation and upgrade of relevant industries, and fuel the realization of "Dual Carbon" targets of China. In addition, this Fund is expected to become a model of cooperation between state-owned enterprises in the equity investment sector.

 

Introduction to CR Capital Management: CR Capital Management is a first-level profit center and a wholly-owned subsidiary of China Resources Group. It implements the Group's strategic capital engine in the 13th Five-Year Plan, which is, in fact, "two engines" (merger integration, capital operation) and "two wings" (overseas development, Internet +). It also serves as a bridge between industry and finance as well as a promoter of innovative development. As the Group's industry fund management platform, CR Capital Management conducts fund operations around the industries in which the Group invests and China's macro policies. It also focuses on the CR Group's seven business sectors and mainly invests in healthcare, comprehensive urban development and operation, consumer products, comprehensive energy construction and operation, new materials, technology innovation as well as energy conservation and environmental protection. Currently, CR Capital Management is operating a total of 21 funds and three investment platform companies in China and abroad, managing assets valued at more than RMB 100 billion.

 

Introduction to Kunlun Capital: Kunlun Capital is a first-level enterprise directly under China National Petroleum Corporation (CNPC). It is a professional company with its capital businesses in the charge of CNPC. Kunlun Capital is aimed at: (1) Facilitating the strategic transformation of CNPC; (2) Focusing on the development of strategic emerging industries such as new energy resources, new materials, energy conservation and environmental protection, and high-end intelligent manufacturing; (3) Focusing on CCS/CCUS and other cutting-edge technologies; (4) Facilitating the integration of innovation chain and industry chain through equity investments; (5) Supporting CNPC in increasing the business proportion of new energy resources; (6) Accelerating the development and utilization of new materials; (7) Strengthening the transformation and application of sci-tech achievements; (8) Strengthening the cultivation of new business forms. By doing so, Kunlun Capital can grasp new opportunities, enhance new advantages, and cultivate new growth drivers for CNPC's realization of transformation, upgrade, and high-quality development.