Thaihot Group, a Fujian-based conglomerate, plans to invest one billion yuan in a subsidiary in the Pingtan Comprehensive Pilot Zone, ptnet.cn reported.

The subsidiary, named Thaihot Jinkong Co, will be dedicated to investment in the financial sector, according to an announcement on April 22.

Thaihot said that its Pingtan subsidiary will invest in or purchase stock rights of Internet Plus and establish an online financial control platform to monitor the private equity industry.

The notion of Internet Plus was put forward by Premier Li Keqiang earlier this year, referring to the integration of the Internet and traditional industries through online platforms and IT technology.

Thaihot’s announcement came less than 30 hours after the inauguration of the Fujian Pilot Free Trade Zone (FTZ), with sections in Pingtan, Fuzhou and Xiamen.

Pingtan is a perfect place for cross-Straits industrial cooperation and financial innovation, and will be granted more convenience in cross-Straits trades and personnel exchange, making it a hot spot for investment, said the announcement.

The establishment of the Pingtan subsidiary will take advantage of financial policies in Fujian FTZ and help realize Thaihot’s strategic goals of fostering competiveness in investment and finance, according to insiders.