Youngor Group eyes energy industry

Youngor Group, a branded garment manufacturer, is turning its relatively simple capital operation toward industry investment and stretching out feelers to the energy sector, China Securities Journal reported on Thursday.

Youngor intends to purchase 30 percent equity in Guolian Industry Investment Fund Co Ltd with 3 billion yuan ($480 million) and become a limited partner of the Guolian Fund, according to a statement the company released.

Guolian Fund, jointly with the National Council for the Social Security Fund and Baosteel Group, has invested in the third West-East Gas Pipeline Project of PetroChina.

The investment will help transform Youngor's investment business toward an industry direction and realize long-term profits.

Founded in 1979, Youngor Group established businesses in property development and equity investment, in addition to its core business of branded garment manufacturing and marketing.

The company not only invests through private placements in listed companies, but also puts money in the secondary market. It has made considerable earnings.

mengfanbin@chinadaily.com.cn