China Merchants Group has teamed up with a London-based firm to launch a new Rmb100bn ($15bn) technology investment fund with aim of becoming China’s answer to the near-$100bn Vision Fund created by Japan’s SoftBank.
The state-owned conglomerate, along with other unnamed Chinese groups, has pledged to invest up to Rmb40bn of the fund, in what would be a huge pool of capital primarily designed to target investments in Chinese technology companies.
The “China New Era Technology Fund” will also look at deals globally, a move that may draw scrutiny from Western governments, which have becoming increasingly concerned and outspoken about Chinese dealmaking in their technology sectors.
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