Youfa Steel Pipe's Unit to Invest 20 Million Yuan Into Advanced Technologies Partnership Fund

MT Newswires Live

03/03

Tianjin Youfa Steel Pipe's (SHA:601686) unit, Tangshan Youfa New Building Materials, will invest 20 million yuan into a partnership fund that will invest in enterprises involved in advanced technologies, according to a Shanghai bourse filing on Tuesday.

Gongqingcheng Yicheng Zhonghe Investment Management Partnership (Limited Partnership), which aims to have a capital worth 32.1 million yuan, will invest in Chinese companies in advanced manufacturing, semiconductors and chip development.

The Chinese steel pipe manufacturer will own 62.3% of the fund as a limited partner.

The company's shares slipped over 1% at the close.

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