Starquest Capital, also know as Xinjie Capital, has raised 25%, or 10 billion, of the planned 40 billion, sources said. The fund invests into areas such as artificial intelligence, automation, robotics, etc. that fall under China’s long-term and strategic planning to push forward the country’s technological advancement.
Sequoia China will not be participating in the management of the fund but will serve as a shareholder.
Takeways
– JD and Sequioa China are raising for a Chinese state-owned fund that invests into areas including AI, robotics and automoation to advance the country’s technology
– The goal of RMB40b is 25%, or 10b done, sources said
– Nasdaq-listed JD with a $41b market cap, has been investing into other tech firm to fuel its own expansion
– JD is backed by Tencent which usually aligned with Sequoia China, comparing to the Alibaba + SoftBank alliance when it comes to strategic co-investing
Editor: Ben Jiang