China Life Insurance Group Co, together with Baidu Inc will make a US$1 billion or7 billion yuan fund available for internet and other technology investments, a report from China Life said on Thursday, August 24.
In a Hong Kong Stock Exchange statement, China Life Insurance Co Ltd said that the fund partnership will be capitalized by both China Life and Baidu in order to contribute up to 5.6 billion yuan to the project.
According to another report, Baidu will contribute as much as 1.4 billion yuan. Meanwhile, the statement from China Life stated that the Baidu Fund Partnership will focus on middle to later stage investment, which includes unlisted companies with important association and connection with China, in mobile internet sector, internet finance and artificial intelligence.
To recall, Baidu also established Baidu Capital, which targets mid up to late-stage investment for Internet companies. So far, it has already raised 3 billion US dollars. One month prior to that, the Chinese Internet giant also launched Baidu Venture, which targets artificial intelligence, augmented reality project and virtual reality investments. This has also raised $200 million US dollars to date.
Baidu is known to have portfolio companies like New Zealand-based AI start-up 8i, big data solution Shumei Technology and Huochebang, a Guizhou province-based Uber-like truck logistics start-up.
China Life has made other investments in the technology sector as well. Last year, it has made $600 million US dollars investment in Didi Chuxing and joined the $2.8 billion US dollar series E round in Uber Technologies Inc.
