Puji Capital, Galaxy platform to back foreign start-ups in China
Chinese investment group Puji Capital has formed a joint venture platform with domestic property developer Galaxy Holdings that will invest in more than 10 start-up and growth companies across mobile gaming, media technology and consumer hardware.
The focus is on foreign businesses trying to enter China as part of a broader plan to create a new commercial area in Shenzhen that serves as a bridge between China and Western markets. Investments are expected to give rise to separate joint ventures involving market entry and establishing strategic positions in business ecosystems in China and overseas.
The platform has already developed programs with a network of partners across China for co-investments, commercial cooperation, distribution, and point of sale opportunities for potential investee companies.
"Shenzhen is already known as the epicenter of China's booming mobile, internet, hardware, and new technology industries. With a population of 22 million, a leading growth rate among all the tier one cities and the highest ratio of young professionals from 20-30 nationwide, Shenzhen is undoubtedly the most vibrant business city in China and positioned to be the Silicon Valley of the East," said Huiqiong Yao, CEO of Galaxy, in a statement.
Shanghai-based Puji was founded in 2000. It focuses on providing growth capital, asset management and co-investment services for Chinese and foreign family offices and corporates. The firm has previous experience in the media and entertainment, mobile internet, consumer and real estate spaces.
Last April, Puji formed a joint venture with Jupai Holdings - which distributes third-party wealth management products and provides investment advisory services to Chinese high-net-worth individuals - to invest in Wanda Pictures, the film division of Dalian Wanda Group. It previously advised on various Wanda investments, including the acquisition of British luxury yacht manufacturer Sunseeker.
Galaxy has assets of more than $15 billion and interests spanning real estate, industrials, property management and financial services. It has extensive property holdings in Shenzhen.
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