Chinese online group buying and lifestyle services provider Meituan Dianping set up an investment fund with initial capital of CNY1.5 billion and target fund scale of CNY3 billion.
Wang Xing, chief executive officer of Meituan Dianping, reportedly revealed during an internal communications meeting that as the cornerstone investor, Meituan Dianping initiated and established the fund for the first time. Meituan Dianping's senior vice president Chen Shaohui will be chief executive officer of the fund management company.
The capital is provided by a number of large enterprises and professional parent funds, including Meituan Dianping, Tencent, and New Hope.
The fund will reportedly focus on investments in the consumer sector, covering dining, retail, hotel, tourism, and leisure entertainment. It is committed to promoting the development of lifestyle service companies as well as industry upgrades.
Its investment in individual projects will be between CNY30 million and CNY100 million.