<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=China+Everbright" target="_blank">China Everbright Limited</a> (CEL) has teamed up with <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=focus+media" target="_blank">Focus Media Information Technology Co Ltd</a> to establish a new RMB5 billion ($748 million) fund.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=China+Everbright" target="_blank">China Everbright Limited</a> (CEL) has teamed up with <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=focus+media" target="_blank">Focus Media Information Technology Co Ltd</a> to establish a new RMB5 billion ($748 million) fund.
The first close of the &#8216;New Industry Investment Fund&#8217; will be at RMB2 billion, CEL said in a statement.
Focus Media is China&#8217;s largest listed media company. Everbright Group, the parent company of CEL, is one of China&#8217;s largest state-owned financial conglomerate.
In June, CEL had established an M&amp;A fund that focuses on major media and telecom projects, in partnership with IDG Capital Partners. The new fund will focus on high growth, early stage projects in emerging industries.
The fund will utilize CEL&#8217;s strengths in investment, capital operations, industry consolidation and asset management, as well as Focus Media&#8217;s industry resources and position as the mainland&#8217;s biggest provider of digital lifestyle solutions.
The fund will invest in such sub-sectors as general entertainment, consumption upgrading, vertical e-commerce, and internet finance.
&#8220;We will take advantage of the industry investment opportunities brought about by China&#8217;s industry restructuring, consumption upgrading and &#8216;Internet plus&#8217; strategy to step up our investment planning efforts in new industry sector of strategic importance,&#8221; said Chen Shuang, CEL&#8217;s Executive Director and Chief Executive Officer.
Focus Media was founded in 2003 as the world&#8217;s first elevator media company. It was listed on the Nasdaq in 2005. The company returned to China&#8217;s A-shares market in 2015, with a market capitalisation of over RMB100 billion, making it China&#8217;s top media stock. It earned revenue of RMB10 billion in the last fiscal year.
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China Everbright Limited (CEL) has teamed up with Focus Media Information Technology Co Ltd to establish a new RMB5 billion ($748 million) fund. 

China Everbright teams up with Focus Media for $748m TMT fund

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China Everbright teams up with Focus Media for $748m TMT fund

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