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China Resources, Fung Investments in New Investment Platform

China Resources, Fung Investments in New Investment Platform

HONG KONG, May 6, 2022 — China Resources Enterprise and Fung Investments announced the establishment of a 50/50 US$300 million joint venture investment platform, focusing on businesses with quality brands, products, services and technologies. The two parties will each be responsible for US$150 million of contribution to the JV.

(left to right) Dr. Victor Fung, Chairman of Fung Investments, Dr. William Fung, Vice-chairman of Fung Investments, Mr. CHEN Ying, Deputy General Manager of China Resources (Group) Company Limited and Mr. WANG Xiangming, Chairman of the Board of China Resources Group at the November 2021 signing of the MOU.

The joint venture will invest in offshore companies (non-PRC incorporated companies) that sell consumer and lifestyle related quality brands, products, services, and/or innovative technology that have the potential for introduction to or expansion in China.

In particular in the Greater Bay Area, and that are in line with or synergistic with the Greater Bay Area’s forecasted consumption growth trends, particularly in the lifestyle, fashion, and food categories.

Leveraging with China Resources

The joint venture partners will help enterprises build their businesses by leveraging China Resources Group’s distribution network in China and the Fung Group’s worldwide supply chain.

Chen Ying, Chairman of the Board and Chief Executive Officer of China Resources Enterprise Ltd and Assistant General Manager of China Resources Group, says by formally establishing the JV with Fung Investments, both China Resources and Fung Investments can give full play to their respective advantages in the future.

He says they can bring consumer and lifestyle related quality brands products, services and/or innovative technology to the Greater Bay Area, to satisfy Chinese people’s ever-growing needs for a better life.

Dr Victor Fung, Chairman of Fung Investments, says: “The growth of Chinese consumerism is set to sustain growth and create abundant opportunities for consumer and lifestyle companies that are looking to do business in China.

“As more Chinese consumers are demanding for new, high‑quality brands, products, services and technologies, we are excited to join forces with CRE to invest in new consumption areas which offer great growth potential such as food, lifestyle, fashion and healthcare.” /PRNewswire/

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