34122 - Yi Ming China Fund

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Summary of Investment Information

Project Number

34122

Company Name

YI MING CHINA FUND I LP

Date SPI Disclosed

Apr 23, 2014

Country

China

Region

East Asia and the Pacific

Projected Board Date

May 26, 2014

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 21, 2022

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : May 28, 2014
Signed : May 30, 2014
Invested : Aug 22, 2014

Sector

Private Equity/Venture Cap Fund - Country

Project Description

The Yi Ming China Fund I L.P. (“Yi Ming Fund” or the “Fund”) is a seven-year generalist private equity (“PE”) fund focused on control and growth capital investments in SMEs in China. The Fund seeks to invest along the core themes of the development of China’s inland regions (“Western China”) and the development of China’s agribusiness, food, beverage and healthcare sectors. The Fund is raised by CMIA Capital Partners (“CMIA” or the “Manager”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

Development Impact

IFC's investment in the Fund is expected to demonstrate confidence in the Manager, catalyzing commitments from other investors, especially in the current tough fund raising environment. IFC is also expected to play significant role in Fund's structuring and governance, both before the Fund's first closing as well as throughout the Fund's life. IFC would also play important role in the development, implementation and the monitoring of Environmental and Social Management System ("ESMS") in the Fund.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Emerging Fund Managers (Y/N)	Emerging Fund Mangers (Y/N)	Not Available	Not Available	Not Available
Employment: New Jobs in Fund Investees (#)	Cumulative New Jobs (#)	Not Available	Not Available	Not Available
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement	Not Available	Not Available	Not Available
Direct Employment (#) - Operations and Maintenance	Employment (#)	Not Available	Not Available	Not Available
Female Direct Employment (#) - Operations and Maintenance	Female Employment (#)	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project entails an IFC equity investment in Yi Ming Fund, a PE fund focusing on growth capital investments in Western Provinces China with an emphasis on high-growth sectors such as agribusiness, food and healthcare. It has been classified as Category FI-2 according to IFC’s Environmental and Social (“E&S”) Review Procedure. Based on the portfolio and pipeline review and discussions with the Fund Manager, the Fund’s investment activities appear to have moderate or low E&S risks. The Fund Manager is required to implement ESMS to ensure all its investment activities meet the requirements of the IFC Exclusion List, the applicable host country E&S laws and regulations and IFC Performance Standards.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2022.

Investee	Country Of Investment	Sector
Ding Ji International	China	Fruit and Vegetable Preservation or Processing (Canning, Freezing, Drying, Jams, etc.)
Jiangsu Lvya Nongye	China	Diversified Edible Agricultural Crops Production
Shanghai Chongqing Kelaibo	China	Pharmaceuticals and Medicine Manufacturing

The main E&S risks and impacts of the project derive from the E&S risks and impacts of the fund’s portfolio investment activities as well as the fund manager’s capacity and system in place to manage these risks. The fund manager has initiated an E&S audit of its existing portfolio companies and is also in the process of upgrading its existing ESMS following IFC Performance Standards. It has committed to implement the ESMS and will assign dedicated staff to oversee the ESMS implementation. In addition to information and access rights to all portfolio investments of the fund, IFC will have the ability to review all high risk investment activities and the first three investment activities prior to the fund’s investment decisions to ensure that the fund’s ESMS is operating adequately in assessing and managing E&S risks associated with the fund’s investment activities.

Contacts

For Inquiries About the Project, Contact

Lee Chong MinManaging Partner
Yi Ming Capital Partners
1000 Lujiazui Ring Road,#28-112 Hang Seng Bank Tower,Pudong New Area, Shanghai 200120, PRCTel: (86 21) 6878 5606Fax: (86 21) 6878 5610
E-mail: mailto:cmlee@cmia.com

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Local Access of Project Documentation

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Nominate officers	05/31/2014
Establish SEMS	05/31/2014
Staff Training	05/31/2014
Complete ES audit of existing portfolio companies and implement action plans to address E&S performance gaps	06/30/2014

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