Hunan Valin Iron &Steel Group and China Huarong Asset Management Corporation signed a strategic corporation agreement in Changsha and jointly established an industrial investment fund of 1 billion Yuan, which is the first industrial investment fund in China iron & steel industry and will be mainly used for investment, merger, acquisition and integration of this industry.

Deputy secretary of Hunan Provincial CPC Committee and Governor Zhou Qiang attended the signing ceremony and met with the president of China Huarong Asset Management Corporation Lai Xiaomin.

According to the agreement, the two parties will jointly establish an iron &steel industrial investment management company and the fund of the company is expected to reach 5-10 billion Yuan. It is analyzed that this move will promote the process of integrating and merging of the iron and steel industry in our country.

Hunan Valin Iron &Steel Group and China Huarong Asset Management Corporation have established their partnership for a long time. This time, the two parties will strengthen their cooperation in the fields of transformation of state-owned enterprises, industrial integration and optimization, enterprise merging and integrating and so on so as to realize the strategic goal of sharing resources, mutual complementarity and common development.

After the signing ceremony, Governor Zhou met with Lai and his delegation. Zhou thanked China Huarong Asset Management Corporation for its long-term support to the economic and social development of Hunan province.

He said that the signing of the corporation agreement realized the combination of financial investment and industrial investment and raised the corporation between the two parties to a higher level. At present, China Huarong Asset Management Corporation is switching its development model, which provides more opportunities to deepen the corporation between the two parties.

Hunan Valin Iron &Steel Group is an advantageous enterprise in Hunan, which established cooperative relationship with Mittal Steel Company N.V. and participated in FMG of Australia. Zhou hoped that the two parties will take the cooperation agreement as an opportunity to strengthen their cooperation in the fields of finance, securities and financial lease so as to accelerate the adjustment of industrial structure in Hunan.

Lai said that China Huarong Asset Management Corporation is switching for market-oriented commercialization, specialization and integration. At present, it is carrying out the strategy of establishing cooperative relationship with big clients, especially with those in Hunan.

Secretary-general of Hunan province Wu Jihai attended the signing ceremony and accompanied to meet with the guests.
    Hunan Sets up the First Joint Iron & Steel Industrial Investment Fund in China
(www.enghunan.gov.c)
Updated: 2009-06-05 10:06
Counter:75

Hunan Valin Iron &Steel Group and China Huarong Asset Management Corporation signed a strategic corporation agreement in Changsha and jointly established an industrial investment fund of 1 billion Yuan, which is the first industrial investment fund in China iron & steel industry and will be mainly used for investment, merger, acquisition and integration of this industry.

Deputy secretary of Hunan Provincial CPC Committee and Governor Zhou Qiang attended the signing ceremony and met with the president of China Huarong Asset Management Corporation Lai Xiaomin.

According to the agreement, the two parties will jointly establish an iron &steel industrial investment management company and the fund of the company is expected to reach 5-10 billion Yuan. It is analyzed that this move will promote the process of integrating and merging of the iron and steel industry in our country.

Hunan Valin Iron &Steel Group and China Huarong Asset Management Corporation have established their partnership for a long time. This time, the two parties will strengthen their cooperation in the fields of transformation of state-owned enterprises, industrial integration and optimization, enterprise merging and integrating and so on so as to realize the strategic goal of sharing resources, mutual complementarity and common development.

After the signing ceremony, Governor Zhou met with Lai and his delegation. Zhou thanked China Huarong Asset Management Corporation for its long-term support to the economic and social development of Hunan province.

He said that the signing of the corporation agreement realized the combination of financial investment and industrial investment and raised the corporation between the two parties to a higher level. At present, China Huarong Asset Management Corporation is switching its development model, which provides more opportunities to deepen the corporation between the two parties.

Hunan Valin Iron &Steel Group is an advantageous enterprise in Hunan, which established cooperative relationship with Mittal Steel Company N.V. and participated in FMG of Australia. Zhou hoped that the two parties will take the cooperation agreement as an opportunity to strengthen their cooperation in the fields of finance, securities and financial lease so as to accelerate the adjustment of industrial structure in Hunan.

Lai said that China Huarong Asset Management Corporation is switching for market-oriented commercialization, specialization and integration. At present, it is carrying out the strategy of establishing cooperative relationship with big clients, especially with those in Hunan.

Secretary-general of Hunan province Wu Jihai attended the signing ceremony and accompanied to meet with the guests.

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But although no cabinet ministers have backed Mr Purnell, several backbench Labour MPs have continued to call for him to stand down.

Dr Gibson - stripped of the right to stand for Labour at the next election because of his expenses - said he would stand down now to trigger what is likely to be a potentially difficult by-election for Labour.

With the majority of results now in, the scale of Labour’s defeat at the English local elections is also clear after it lost control of its four remaining English county councils.

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Conservative leader David Cameron said it showed his party was on course to win the next general election, adding that Labour had "lost the right to govern".

"We have clearly won this election and turned in some remarkably good results," he told BBC News.

Mr Clegg said Mr Brown’s future as PM was "irrelevant" because the Labour government was "finished".

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A 10 spokesman insisted Mr Brown had complied with the rules at all times, a fact backed up by the Commons authorities, but he had agreed to repay about £180 "for the avoidance of doubt".

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