China Cosco Shipping and Hebei Port Group have set up a private fund called Yuanhai Mingsheng FOF to jointly explore investment opportunities in the financial markets.
The fund will raise RMB1.5bn ($238m) for the first phase and the total scale of the fund is RMB5bn, which will be used to invest in equities of non-public companies in various sectors including manufacturing, financial, and emerging technologies.
Qingdao Port Group has also agreed to invest in the fund.
Cosco has been making efforts to expand its presence on the financial markets as part of its transformation strategy. In January, Cosco also set up a shipping fund with state-controlled China Cinda Asset Management.