On June 25th, 2024, GCL New Energy (00451.HK) announced that the subscriber (a wholly-owned subsidiary of the company) submitted a subscription application to the Fund. Accordingly, the subscriber applied for 14,000 Class A shares of the Fund's independent investment portfolio, with a total subscription amount of $14 million.

The Fund's primary investment objective is to seek long-term maximization of absolute returns by investing in listed and unlisted assets in the energy and other related advanced manufacturing industries, with no guarantee of reaching its investment objectives.

The Fund has directors with more than 20 years of experience in investment and fund management. Before the establishment of the Fund in 2015, the Fund's directors held positions in several well-known companies, such as Lockheed Martin Investment Management Company, HSBC Limited and Warburg Pincus, a global private equity company headquartered in New York with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Given the extensive investment experience of the Fund's board of directors and investment managers in the financial sector, and the diversified global investment portfolio of the Fund covering industries such as energy services, industrial information technology, advanced materials and manufacturing technology, the directors believe this is a valuable opportunity for the Group to balance and diversify its own investment portfolio and potentially generate capital appreciation. By subscribing to the independent investment portfolio, the Group can use the professional management of the Fund and its investment managers to reduce direct investment risk.