Baidu and China Existence to produce $1 billion technology investment fund

(Reuters) – China Existence and Baidu will form a 7 billion yuan ($1 billion) private equity finance fund, targeting internet along with other technology investments, China Life’s listed arm stated on Thursday.

The Baidu Fund Partnership is going to be capitalized by China Existence via a special partnership, that will lead as much as 5.6 billion yuan, China Existence stated inside a Hong Kong Stock Market statement.

Baidu, china language search on the internet provider, will lead around 1.4 billion yuan.

The Baidu Fund Partnership will concentrate on middle to later stage investment, including unlisted companies with “significant association” with China, online sector, including mobile internet, artificial intelligence, and internet finance, the statement stated.

The partners have the effect of having to pay 30 % of the capital contributions initially, it stated.