China’s Highsun plans $245m entertainment, internet fund
Guangdong Highsun Group, Chinese property developer and chemicals producer, is launching a RMB1.5 billion ($245 million) PE fund that will invest in entertainment and internet-related assets.
Shenzhen-listed Highsun said in a regulatory filing that one of its commercial real estate subsidiaries would contribute at least RMB300 million to the fund. The targeted first close is RMB500 million. The fund, known as Haihe Entertainment & Internet Equity Investment, will be managed by the newly-formed Hesi Capital.
Highsun sees the fund as a means of diversifying its business. Portfolio companies developed by the fund could be acquired by the parent group.
Within the entertainment space, areas of interest include online and offline creative businesses, art, tourism, gaming, media, television and theme parks. As for the internet industry, the fund will consider assets that fall under the internet of things umbrella, such as networking, big data and artificial intelligence.
The fund will also pursue PIPE deals.
Highsun manages a network of wholly-owned and affiliated shopping malls with more than 500,000 square meters of retail space. It also produces kaolin - or china clay - for the paper, ceramics and chemicals industries, and carbon black, which is used in tires, plastics, paints and inks.
Based in Guangdong province, the company listed in 1998 and has a market capitalization of around RMB10.3 billion.
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