Abax Global Capital Ltd. plans to start a private equity fund in China that invests in companies making environmentally friendly products, according to Bloomberg.
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move.
Abax, a Hong Kong-based hedge fund manager backed by Morgan Stanley, aims to raise about 500 million yuan ($73 million) from Chinese investors by its first close in two months, according to Donald Yang, Abax’s Hong Kong-based president, in an interview on Aug. 21.
Abax, which manages about $560 million, also opened its Tudor Investment Corp.-backed Asia macro fund, which seeks to profit from regional economic trends, to outside investors for the first time.
Abax is hiring at least three people for the Chinese private equity fund.
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