In September 2014, Harvest Fund Management Co., Ltd. launched a securities investment fund (a retail fund) investing in the unlisted equity of a Sinopec Subsidiary, which is a part of reform of diversified ownership of Sinopec. This fund is a closed-ended fund and Harvest also invests certain amount out of its pocket as seeding fund. It only took one day to complete the fund raising which is up to RMB 10 billion.
Sinopec Group is the first state owned enterprise regulated by the central government authority which initiated the reform of diversified ownership. The Fund invests in Sinopec Subsidiary by raising the money from the retail investors has set a great example how the retail investors participate in the reform of diversified ownership, which is a breakthrough from the perspective of the investment scope of the retail funds.
As legal counsel for Harvest Fund Management Co., Ltd., Llinks provided a full range of legal services for this project.
