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IDG Energy Investment Sets Foot into Energy Fund Management

(November 20, 2018 - Hong Kong) IDG Energy Investment Limited (“IDG Energy Investment” or the “Company”, stock code: 00650.HK) is pleased to announce the Company and its subsidiary set foot into the energy fund management industry through a framework agreement to establish the Energy Investment Fund (the “Fund”) with Yantai Jereh Petroleum Service Group Co., Ltd (‘‘Jereh’’).

 

The Fund will focus on investments along China’s natural gas value chain and other energy-related industries, with an expected size of RMB3 billion to RMB5 billion. Jereh—an international group listed on Shenzhen Stock Exchange specializing in equipment manufacturing, oil and gas engineering, and construction and oilfield technology services—has been a long-term leader in the industry. As a cornerstone investor, Jereh has proposed to make a capital contribution of RMB1 billion to the Fund. Hengqin Harmony Rongtai Investment Management Limited (“Rongtai Investment Management”), a wholly-owned subsidiary of the Company, will be appointed as fund manager and will be responsible for the operation and management of the Fund.

 

Mr. LIU Zhihai, President of IDG Energy Investment, commented, “With investment into global energy assets being our core business, IDG Energy Investment’s foray into energy fund management was a natural next step towards enhancing our business scope and broadening our revenue sources. We are beyond pleased to partner with Jereh, a firm with deep knowledge across the energy industry, in the formation of our Energy Investment Fund, which will enable both our companies to explore energy projects with promising investment returns. We believe both Jereh’s and IDG Energy Investment’s combined expertise will also help the Fund maximize its return on investments.”

 

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