Chinese industrial conglomerate North Star Company Limited has made a public announcement it has a new set of strategic investors, including GL events, as it strengthens the capital base of its convention and exhibition subsidiary.
The Hong-Kong registered North Star Company has brought in the four investors to its ‘Beijing North Star Convention Group Co., Limited’, a wholly-owned subsidiary, by way of public tender on the China Beijing Equity Exchange.
Four qualified investors, Beijing Capital Tourism Group Co., Ltd., Beijing Shougang Construction Investment Co., Ltd., Jingdong Technology Holding Co., Ltd. and GL events China Limited, participated in the capital injection and, upon completion, the deal will raise the registered capital of North Star Convention Group from RMB120m (USD$18.5m) to RMB200m, and dilute the parent company’s shareholding from 100% to 60%. Each of the new respective strategic investors will hold a 10% shareholding.
North Star Convention Group will also be renamed as ‘Capital Convention (Group) Co., Ltd.’ and will remain as a subsidiary of the North Star Company.
North Star Convention Group currently manages the largest number (20) of professional convention and exhibition venues in China, including China National Convention Center and Beijing International Convention Center with a total construction area of approximately 4,200,000sqm.
Major events hosted by the venue group include the 2014 APEC Summit, the 2016 G20 Hangzhou Summit, two sessions of the ‘Belt and Road’ Forum for International Co-operation, the 2017 BRICS Xiamen Summit, the 2018 Qingdao Summit of Shanghai Cooperation Organisation, the 2018 Forum on China-Africa Co-operation, the 2019 International Horticultural Exhibition Beijing China, the Conference on Dialogue of Asian Civilisations and China International Fair for Trade in Services (CIFTIS).