China's state-owned companies are deepening reforms to improve operations and management.
Cooking oil brand Fulinmen (Chinese: 福临门) of the Chinese state-owned agri-product company COFCO Corporation (Chinese: 中粮集团) raised strategic funding of CNY 21 billion (USD 3.1 billion) on February 2, 2023.
Investors are the National Council for Social Security Fund of the People's Republic of China (Chinese: 全国社会保障基金理事会), COSCO Shipping (Chinese: 中远海控, SH:601919), China State-Owned Enterprise Restructuring Fund (Chinese: 国调基金), China Life Asset Management Company. (Chinese: 中国人寿资产管理), China Public Private Partnerships Fund Management Company (Chinese: 中国政企合作投资基金), China Investment Corporation (Chinese: 中投公司), HOPU Jinghua (Beijing) Investment Consultancy (Chinese: 厚朴投资), Temasek, and Affirma Capital (Chinese: 亚赋资本).
Established in 2020, Fulinmen mainly develops and produces cooking oils. Its revenues in 2021 were CNY 470 billion, and the figure topped CNY 500 billion in 2022.
After the investment, Fulinmen's post-money valuation reached CNY 94.7 billion. COFCO Corporation owns around 70% of Fulinmen's shares, and COSCO Shipping, which invested CNY 5.5 billion in the round, owns 5.81%.
An official from the State-Owned Assets Supervision and Administration Commission of the State Council stated that the investment is a significant step in the reform of state-owned asset investment companies.