Agribusiness conglomerate New Hope Group has formed a China-based venture capital fund in partnership with VC firm Crystal Stream Capital and entertainer Lu Han, China Money Network reported on Tuesday.
Qinghan Fund has closed an undisclosed amount of funding from New Hope, film and entertainment group Huashi Entertainment and a fund-of-funds subsidiary of financial media and services company Zero2IPO Group.
The fund will look to invest in early-stage media companies, online content platforms and cultural projects, where Lu Han will likely provide assistance. He is a not a shareholder in the fund but associate Gao Suyao holds a 7.7% stake, according to a regulatory filing.
China-based dating app developer Duidui Technology is among Qinghan’s portfolio companies, though it has not disclosed the size of the fund’s investment. The fund held a stake sized at approximately 1.4% in December 2016 and has since increased that to 3.3%.