GAC (601238.SH, 02238.HK) announced on May 6th that its wholly-owned subsidiary GAC Capital Co., Ltd. (hereinafter referred to as “GAC Capital”) would cooperate with Guangzhou Yuexiu Industrial Investment Fund Management Co., Ltd. ((hereinafter referred to as “Yuexiu Industrial Fund”) in establishing Guangqi Yuexiu New Energy Industry Investment Fund. The fund will be primarily invested in the upstream and downstream industries related to new energy and intelligent connected vehicles (ICV), including hydrogen energy, energy storage, new materials, etc. The fund size exceeds RMB 1 billion. In addition to GAC Capital and Yuexiu Industrial Fund, government guide fund and market-oriented investment institutions will also be introduced.