Steel manufacturer Nanjing is joining its parent company Fosun International in searching for corporate venturing opportunities.
Steel manufacturing company Nanjing Steel, a subsidiary of the Hong Kong-based conglomerate Fosun International, is establishing a corporate venturing fund, to be known as Shanghai Fosun Venture Capital, and will contribute RMB100m ($15.8m) towards setting it up, according to a report in China-based venture capital and private equity web portal PEdaily on 27 October.
The fund isn’t the first minority investment by Nanjing this year. In May the company paid $50m to acquire a 10% stake in All Wealthy Capital,…
