(Yicai Global) Dec. 17 -- Chinese smartphone giant Xiaomi has completed the registration process of a new private equity fund to bolster its industrial investment portfolio.
Xiaomi Private Equity Fund Management finished its registration with the Asset Management Association of China, the Beijing-based parent said in a statement on Weibo today.
The fund promotes the growth of China’s intelligent manufacturing industry, supporting the tech company's other industrial funds. The actual controller of the capital management institution is Xiaomi founder and Chairman Lei Jun.
Xiaomi PE Fund Management's business scope covers PE investment and venture capital fund management services, said Wang Hua, general manager of Xiaomi’s public relations department. The fund will not accept public deposits or offer loans, nor will it engage in securities or derivatives trading, the GM added.
The above-mentioned fund was initially set up in Beijing in May with CNY1.1 billion (USD172.7 million) in registered capital. Xiaomi holds all the equity of the fund that has less than five employees, according to public data.
Editor: Emmi Laine, Xiao Yi