Xiong Xiangdong, China's leading internet investor, confided to the "First Financial Daily" yesterday that Meridian Capital, a Singapore-based private equity fund, and SND Ventures Group had established a new fund, with RMB 1 billion targeted initially. The fund, Meridian's first Renminbi project, aims at investments in culture, traditional media, internet media, film, music, and more.
SND Ventures Group has invested RMB 100 million on behalf of the government. The Meridian Growth Fund Management Company, specifically set up by the two parties to manage the fund, is directed by Xiong Xiangdong, former Chief Investment Office of the IDG China Fund who has invested in Ctrip, Homeinns and Focus Media; Ji Wei, Executive Director of the JP Capital; and other major team players.
"My primary focus will be on the fund," said Xiong Xiangdong, who further stated that since US dollar investments have become more common, Chinese enterprises have had to overcome difficulties for overseas offerings. Now that corporate financing has matured in the Chinese market, funds such as the GEM, and Renminbi funds were gaining more favor. Looking to invest in all hot spots in China, the fund already has some preliminary target projects, with future expansions in sight.
