Sequoia China, CMC Holdings Establish Sports Investment Fund

Sequoia Capital China and CMC Holdings, an investment holding company founded by Chinese media mogul and former Shanghai Media Group chief Li Ruigang, have jointly established a sports investment fund to back and consolidate global premium sports assets.

The fund has completed a first closing, the companies said today but did not disclose any financial details.

The vehicle has already led a series A financing round for Chinese boxing event operator and video platform Beijing Wanmingyang Media. It also invested in a Chinese eSports game operator, Hero Sports.

In 2014, the Chinese sports sector contributed 0.6% to the country's GDP, much lower than the global average of 2.1% and 2.9% in the U.S., according to the companies' announcements.

China's State Council projected in 2014 that the country's sports sector will reach over RMB5 trillion (US$724 billion...

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