China-based consumer electronics manufacturer Konka Group has formed a RMB10bn ($1.45bn) industry fund in partnership with the municipal government of the Chinese city of Yancheng, DealStreetAsia reported yesterday.
Konka is providing 40% of the capital for the fund, preliminarily dubbed Konka Yancheng Electronic Information Industry Investment Fund, while Yancheng is putting up 59.9%. The other 0.1% will come from an as yet unspecified limited partner.
The fund is planned to debut with an allocation of RMB3bn and will target investments in developers of semiconductor, artificial intelligence and internet-of-things technology as well as advanced machinery and materials.
Founded in 1980, Konka produces televisions, audio equipment, tablets, power banks and large and small home appliances in addition to LCD-based screens, signs and video walls.
The Chinese government’s Assets Supervision and Administration Commission owns a 24.1% share of in the company, which is listed on the Shenzhen Stock Exchange.
