8/24/2017, 4:24 PM (Source: TeleTrader)
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China Life gets Baidu on board for tech fund

The Hong Kong Stock Exchange statement received a statement from China Life Insurance Co. Ltd. on Thursday that it is forming the Baidu Fund Partnership, a private equity fund, with the most populous country's search giant. Baidu Inc., which also already funds technology endeavors such as electric cars, teamed up with China Life Insurance Group Co.'s listed firm.

The financial services company vowed to cover as much as 5.6 billion yuan ($840 million) of the $1.05 billion vehicle, with the partner providing the rest. They aim to support projects that passed initial stages, focusing mostly on China, according to the update. The note mentions online business including finance, mobile internet artificial intelligence and consumption upgrade.

The fund is scheduled to last ten years. The provisions of the deal stipulate the two sides must provide 30% of the pledged sum on the launch, followed by four equal installments to add the rest.

Baha Breaking News (BBN) / IT