Chinese PE firm Yun Feng raises $1.52 billion
HONG KONG (Reuters) - China's private equity fund Yun Feng Capital has raised about 10 billion yuan ($1.52 billion) through two funds to invest in Internet, consumer and new energy firms in China, its chairman David Yu said.
Established last April, Yun Feng Capital anchored China's online game operator Tencent Holdings (0700.HK) as one of its investors, Yu told Reuters.
Yu would not disclose Tencent's investment amount and said "both sides have signed a confidentiality agreement."
But the minimum investment for the initial phase will be $10 million, Yu said.
Yun Feng bought a 16 percent stake in SOHU.com (SOHU.O) unit SOGUO earlier with Alibaba, whose chairman Jack Ma is one of the founders of the private equity firm.
Yu said the funds may consider increasing its stake in SOGUO, an Internet search engine operator.
"Given the company's development trend, (SOGUO) could occupy 10 to 20 percent of the China market and we hope to achieve this goal in one to two years," he said.
Among the private firm's other founders are Giant Interactive Group Inc (GA.N) Chairman Shi Yuzhu, New Hope Group Chairman Liu Yonghao and China Dongxiang (Group) Co Ltd Chairman Chen Yihong.
(Editing by Jacqueline Wong)
SAN FRANCISCO - Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.