Zhitong Finance App News, CITIC Financial App News, announced that CITIC Special Steel (000708.SZ)'s long-term development strategy and new material industry layout to further extend the special steel industry chain and cultivate strategic emerging industry growth points, CITIC Special Steel (000708.SZ) wholly-owned subsidiary Taifu Technology Innovation plans to establish new materials with CITIC Investment Holdings, Nantong Industrial Chain Development Fund (limited partnership), and Nantong Industrial Holding Group Co., Ltd. (hereinafter referred to as “Nantong Industrial Control Group”), CITIC Private Placement, and China Special Investment fund.

The total size of the New Materials Fund is RMB 1 billion, and Taifu Kechuang invested 389 million yuan; the initial setup scale was about RMB 720 million, and Taifu Science and Technology Innovation invested 280 million yuan. CITIC Private Equity acted as the fund manager, and CITIC Private Equity and Zhongte Investment, the controlling shareholder of the company, acted as general partners (executive partners). The fund focuses on new metal materials, metal replacement materials, new technology, green and low-carbon, and other industries that are in line with the country's strategic orientation and have growth potential.

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