Morgan Stanley, which currently owns 49% of the JV, picks up 2% additional stake.
Several existing shareholders including Ant and Fosun are looking to participate in the latest fundraising.
The investment bank has been seeking to invest further in sunrise industries in the world's second-largest economy.
IPOs & Markets
Earlier this week, Wanda Sports had cut the size of its IPO to up to $308 million from a previous size of up to $500 million.
The potential issue comes as a boost for Britain's status as a financial centre ahead of Brexit.
The firm was reportedly struggling to secure enough demand from long-term investors.
The firm has invested about 40% of the capital raised in five firms in China and aims to fully deploy the fund by the end of next year.
Proceeds from IPOs in Asia-Pacific halved in the six months ended June to $22.5 billion.
This year, Chinese EV makers have raised just $783.1 million as of mid-June.
The insurer is now seeking to list OneConnect in New York as early as in September.
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