China Merchants unit commits $13m to AI fund
China Merchants China Direct Investments (CMCDI), a Hong Kong-listed investment entity managed by China Merchants Group and First Eastern Investment Group, has committed RMB90 million ($13 million) to a fund that will target internet and artificial intelligence opportunities.
CMCDI will account for 14.95% of the RMB602 million corpus for Iflytek Venture Capital, which was established in December 2015 and has a term of 7-9 years, according to a filing. Other LPs include Anhui...
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