On December 12, 2017, Panda Green Energy (00686) issued a public notice in which its wholly-owned subsidiary Leading Livzon, Ping An Securities, Wanxiang Trust and General Partners entered into a partnership agreement in relation to the formation of a partnership Changzhou Haozhen Venture Capital Center (limited partnership).
The company said the partnership will provide the Group with a platform to make the best use of its funds to achieve the desired return and optimize its capital structure. As the Partnership will be principally engaged in investing in the renewable energy industry, the Group will be able to capitalize on its industry advantages to seek new investment and cooperation opportunities in the relevant or complementary businesses that meet its long-term corporate strategy.
The total capital commitment of the partnership was RMB1.51 billion, of which CM Legend, Ping An Securities and Wanxiang Trust will each contribute RMB500 million in cash before December 31, 2037, while the general partners will pay RMB1.5 billion On January 31, it will contribute RMB10 million in cash.
The announcement shows that the scope of business of the partnership includes investing in start-ups and industrial businesses. The company will have an indirect 33.1% stake in the partnership after its establishment.