Russia-China Investment Fund to invest into China’s largest online steel exchange platform
The Russia-China Investment Fund created by the Russian Direct Investment Fund (RDIF) and China Investment Corporation will invest into China’s largest online steel trading platform Zhaogang, the RDIF said in its press release on Monday.
"The steel market of China is highly fragmented in terms of producers and buyers, creating unique conditions for online B2B floors like Zhaogang. Advanced technologies applied by the company make possible to significantly improve efficiency of distribution channels. We believe participation of a Russian investor in the company’s capital will help Zhaogang to successfully implement its plans of developing in Russia and will also help to find new partners there, interested in using their online platform in other sectors," RDIF Chief Executive Kirill Dmitriev said in a comment.
Zhaogang founded in 2012 is an online B2B platform for various steel producers and consumers in China and accounts for more than 40% of steel products online trading market in China. The company also offers a wide range of optional services to online platform participants.