Friday, November 17, 2017

China Life, Baidu to raise US$1bn for tech investments

China Life and Baidu will partner for the creation of a private equity fund dedicated to exploring internet and other tech investments.

Called the Baidu Fund Partnership, it will be capitalised by China Life through a special partnership that will see the two firms raise a total of Rmb7 billion (US$1 billion).

China Life, in a statement to the Hong Kong Stock Exchange, said it would contribute up to Rmb5.6 billion yuan to the fund.

Baidu will shell out as much as Rmb1.4 billion.

The fund partnership will specifically target middle to later stage investments, particularly those unlisted companies with significant relations with China.

The investments will focus on new technologies, including the mobile internet, artificial intelligence and internet finance.

China Life’s statement said that the partners are bound to pay 30% of their contributions initially.

 

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