Franco-Chinese management company Cathay Capital Private Equity has agreed to invest RMB120 million (approximately US$19.5 million) in Shanghai Zhengming Modern Logistics (ZM Logistics), a China-based supply chain company specializing in logistics for cold chain, auto parts, fast-moving consumer goods and pharmaceuticals. ZM Logistics has 40 subsidiaries with a fleet of nearly 1,000 vehicles. The transaction was structured through Cathay’s Sino-French fund.