China Merchants Bank Co. Ltd. agreed to jointly set up a 10.00 billion yuan investment fund with China Merchants Capital Holdings Co. Ltd.

The temporary name of the fund is Shenzhen China Merchants Zhaoyin Equity Investment Fund Partnership, according to a Dec. 13 release. The fund will invest in risk investment funds, growth M&A funds and industry funds relating to new energy and healthcare projects.

The bank will contribute 8.00 billion yuan in capital to the new fund, while China Merchants Capital will contribute 2.00 billion yuan.

As of Dec. 14, US$1 was equivalent to 6.90 Chinese yuan.