Hong Kong-listed A8 commits to tech-focused Qingsong Fund
A8 Digital Music Holdings, a Hong Kong-listed media corporation, has committed RMB20 million ($3 million) to acquire an approximately 6% interest in Qingsong Fund II.
Domiciled in Shenzhen's Qianhai district, the fund is looking to raise a total of RMB333 million, according to a regulatory filing. About 30% of the total capital commitment was made by the partners upon the establishment of the vehicle.
Xiaosong Liu, executive director of A8 and also the majority shareholder of Qianhai Qingsong, will invest RMB49 million, accounting 12% of the fund.
The fund is managed by Shenzhen Qianhai Qingsong Venture Investment Fund Management and mainly invests in early-stage mobile internet and internet companies. It has a seven-year horizon - a five-year investment period followed by two years for exits.
Qianhai Qingsong launched its first fund in mid 2012, raising RMB100 million.
A8 said its commitment to the fund brings exposure to upstream and downstream sides of China's mobile gaming industry. It will also explore potential M&A opportunties with portfolio companies.
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