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China Northern Enterprise Investment Fund (CNI), a Hong-Kong based fund company, is to list on the local stock exchange by private placement.

CNI aims to raise HK$50 million (US$6.41 million) for investing in mainland enterprises in the northeast - the fund managers see this fast-growing region as full of opportunities.

The company announced yesterday that it intends to issue 50 million new shares at HK$1.0 per share by way of placing to overseas investors and local professional investors. Proceeds of the share issue, after deducting expenses, will amount to HK$44.15 million (US$5.66 million).

CNI's shares will be listed on October 27.

CNI, which operates a close-end fund, focuses on investments in listed and unlisted companies in Northeast China and Hong Kong. Through its co-operation with the Shenyang City SME (small & medium-sized enterprise) Bureau, CNI said it has access to companies with positive prospects for investment.

"CNI has a very clear focus to capitalize on the fast-growing opportunities on the mainland and Hong Kong," said Peter Yau, CNI executive director, at a press conference.

"With recommendations from and support of the Shenyang City SME Bureau, we will be able to identify quality companies suitable for overseas listing, to grow hand-in-hand with the companies in which we invest," Yau said.

Pegasus Fund Manager is the company's investment manager.

The company's investment objective is to achieve earnings in the form of short-to-medium-term capital appreciation - which is generally within five years - and income from interest and dividends mainly through investment in a diverse portfolio of companies, Yau said.

Yau said the company has set its investment policies for long-term returns. The company's investment portfolio includes not less than 70 per cent of investments in equity securities, convertible notes, preference shares, options, warrants, futures contracts, debt securities, mutual funds and unit trusts issued by companies in Hong Kong and the mainland.

Investments will be made in a diverse range of industries, which can maintain a balance in exposure to minimize possible downturns in any particular sector, said Pong Po Lam, CNI executive director and managing director of Pegasus Fund Managers.

Pong added that the company would also allocate part of its funds as venture capital to invest in start-ups, helping those companies to seek stock-exchange listings.

Upon completion of the placing, CNI will have a market capitalization of HK$53 million (US$6.79 million). The pro-forma net tangible asset value per share is HK$0.88 per share.

First Asia Finance Group is the sponsor and the lead manager of the placing. Whole Win Securities and Guotai Junan Securities Hong Kong are the co-lead managers.

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