China’s Qingsong raises $129m early-stage tech fund

More than 30 domestic LPs committed capital to Qingsong Fund III, including Shenzhen Guidance Fund, SDIC Chuanghe National Venture Capital Fund, Qianhai FoF, Zhenjiang State-Owned Investment Holding Group, Redbud Capital, and Jingbei Investment. Hong Kong-listed A8 New Media Group, a digital music company founded by Liu, also invested RMB20 million.

Qingsong Fund was set up in 2012 by Liu and two other angel investors, Wei Su and Zhanbin Dong. Liu provided angel funding to Tencent in 1999 and became its co-founder.

Qingsong focuses on early-stage technology companies across entertainment, education, consumer and artificial intelligence. With a larger corpus, the GP intends to extend its reach from angel investments into venture capital. It plans to increase its check size from RMB5 million to RMB10 million per round.

Qingsong has invested in 100 start-ups and has RMB1.3 billion in assets under management. It has so far recorded three exits and they are all in the gaming sector: HR Game Technology (sold to Shenzhen-listed Talkweb Information), Yihua Technology and RayJoy.com (both were acquired by Shenzhen-listed Zeus Entertainment).

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• Topics
• Greater China
• Fundraising
• Venture
• Technology
• Early-stage
• Renminbi fund
• China
• TMT
• Venture