China launches $15 billion tech investment fund to rival SoftBank
July 2, 2018
A new RMB 100 billion ($15 billion) investment fund targeting Chinese tech companies is set for launch by state-owned conglomerate China Merchants Group and London-based Centricus, the Financial Times reports.
The “China New Era Technology Fund” is intended to provide a Chinese alternative to the $100 billion Vision fund managed by Japan’s SoftBank.
China Merchants will contribute up to RMB 40 billion, the rest coming from Centricus, Beijing-based asset manager SPF Group, and a combination of government bodies, universities and other technology companies.
The fund will also look at global tech opportunities in addition to homegrown deals, despite a building skepticism of Chinese activity in foreign technology sectors among governments and industry leaders.