China Minsheng Investment Corporation



Established in May-2014, China Minsheng Investment Corporation (China Minsheng Investment, Minsheng Investment Group), is China's first national-level private capital investment company. Before the formation of CMI, the only large national-level investment company in China was the nation's sovereign wealth fund, China Investment Corp. CMI is headquartered in Shanghai and is headed by Wenbiao Dong, former chairman of China's largest private bank, China Minsheng Banking Corp. Although the two entities have similar names, they are not legally related. CMI has registered capital of CNY50 billion (USD8.1 billion) and is backed by 59 large private Chinese companies, with combined assets totalling nearly CNY1 trillion (USD161 billion). These include Baota Petrochemical Group, Yida Group, Giant Investment Co and Sunning Commerce Group.

Through its subsidiaries, CMI plans to invest in several key industries including banking and financial services, energy, telecommunications, transportation and logistics, manufacturing, real estate and natural resources. In terms of its investments in the transportation sector, the company plans to gain exposure to a selection of railway, shipyard and aviation assets. Within aviation, CMI aims to target opportunities across the general aviation industry supply chain, from ground services and maintenance, to business jet operations. CMI is also interested in participating in new airport construction.

In Nov-2014, CMI acquired a majority stake (61.25%) in Minsheng International Jet (MSIJet) and its wholly-owned subsidiary, Business Aviation Asia (BAA). CMI purchased the stake from former owners, China Minsheng Banking Corp. CMI paid a reported CNY1.19 billion (USD194 million) for the majority stake in MSIJet. Although not formally related, there appears to be some level of continued interaction between China Minsheng Investment and the banking group.

Aside from pursuing investments within China, the company is also looking to explore overseas opportunities. CMI is continuing to expand its presence in Europe through China Minsheng Europe Capital (London) and elsewhere in Asia, with its China Minsheng International (Hong Kong) office. Through these branches, CMI will continue to "actively participate" in overseas investment, fuelling further possibilities of aviation acquisitions outside China.

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