Chinese sportswear company Peak Sports has partnered with Xiamen Culture and Broadcast Media Group to launch a sports investment fund.
The Sohu.com website said the Peak-Xiamen Culture and Broadcast Industry Investment Fund is valued at CNY1bn (€128.5m/$153.9m) in its first phase.
The new venture will be led by Peak and Xiamen Culture and Broadcast Media Group, along with other financial institutions and investors, and has reportedly entered into strategic partnerships with domestic securities traders, investment banks and law firms.
The fund will seek to engage in mergers and acquisitions, along with investing in developing sports enterprises in China. It will engage in sectors including sports events operation, sports tourism, big data, sports infrastructure and esports.
Peak holds partnerships with an array of National Olympic Committees (NOCs), including Romania, Ukraine, New Zealand and Slovenia. It also has a strategic partnership with the Women’s Tennis Association (WTA) for the Asia Pacific region.