By Li Panpan

CCIG, a subsidiary of China’s leading investment company China International Capital Group, announced to work with local governments to set up a new material industry fund with a total scale of RMB5 billion ($698.71 million) in Yangzhou, eastern China’s Jiangsu Province in a ceremony on November 21.

CCIG will cooperate with the local government and Shenda Group, an industrial cornerstone investor, to manage the fund investment in key fields such as new energy and new materials. The initial investment scale is expected to reach RMB2 billion ($279.49 million).

CCIG said it would give full play to its professional advantages and brand influence to help the city build a regional industrial innovation highland.