Shares of Visionary Holdings Inc GV are trading higher on Wednesday after the establishment of Hong Kong fund.

The company has introduced the Visionary Industrial Development LPF in Hong Kong. The fund aims to deliver crucial financial backing to the new energy vehicle industry, serving as a key step in fostering the long-term growth of Visionary’s PEGASUS New Energy Vehicle project.

The fund, known as Visionary Industrial Development LPF (Phase I), is initially set at $50 million and will primarily invest in industries related to new energy, including new energy vehicles, photovoltaics, and energy storage.

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Visionary plans to use the fund to support R&D, manufacturing, and market expansion.

Visionary Asset Management Limited will oversee the fund, utilizing its extensive experience to manage investments and daily operations.

Taking the lead, Visionary will invest 10% of the fund’s total value. The company is also in talks with renowned global institutions, including Saudi Arabia’s Public Investment Fund and Qatar’s Alfardan Group, aiming to involve them in the initiative.

This collaboration will expand the fund’s international scope and strengthen its resource base.

The company recently said its $1 billion financing from the Alfardan Group of Qatar has entered the loan process and is expected to close soon.

Recently, Visionary has teamed up with PEGASUS International Group (Hong Kong) to expand its battery swap services in the region and is planning to invest 420 million Hong Kong dollars (~$54 million) to construct 600 battery swap and charging stations by 2029.

Price Action: GV shares traded higher by 3.46% at $3.288 at last check Wednesday.

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