According to news reports by China’s Private Equity Daily, Sichuan Changhong Electric is getting into the corporate venturing game by co-funding and investing with Chinese private equity firm, China Broadband Capital Partners (CBC) and launching a fund to the tune of $41m.
Sichuan Changhong Electric is principally engaged in the manufacture and distribution of household electric appliances, such as television sets, air conditioners, refrigerators and information technology (IT) products. The company’s television sets include liquid crystal display (LCD), plasma display panel (PDP), and three dimensional (3D) products. The manufacturer also makes and distributes set top boxes, refrigerator compressors, and IT products. It provides its products under the brand named Changhong. The Company distributes its products in domestic and overseas markets.
But the company is looking to get a piece of the internet-based ‘intelligent home’ sector through investments into companies specialised in cloud computing, big data, and smart phones. It will use CBC’s expertise in these markets, including the media sector, to access deals and manage the investments.
News of the new fund reportedly broke when journalists of National Business Daily learned from Sichuan Changhong that the company was to set up a fund.