CITIC Securities announced on June 12 that CITIC Industrial Fund Management Co., Ltd. (CITIC Industrial Fund) overcame the negative influence of Wenchuan earthquake to be officially launched in Mianyang city, Sichuan province.

According to the announcement, CITIC Industrial Fund will recruit professional management team on the basis of market-oriented incentive mechanism. It will launch a RMB6B Mianyang Science Park Industrial Investment Fund (Mianyang Industrial Fund).

Mianyang Industrial Fund was one of the second-batch five industrial investment funds approved by the State Council and the National Development and Reform Committee, and also the first pilot fund in the western China. In December 2007, CITIC Securities won the tender bidding organized by Mianyang Industrial Fund Management Company.

Sources say CITIC Securities will inject its self-owned capital into Mianyang Industrial Fund. The amount is expected to reach a range from RMB600M to RMB1.1B during the duration of the Fund.