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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