China Renaissance Investment Management: Judong Telecom Raises $150 Million in Sovereign Wealth Funds
Introduction
China Renaissance Investment Management said in a statement Tuesday that China’s Judong Telecom Services and Infrastructure has raised $150 million in sovereign wealth funds for a country in the Middle East.
And China Renaissance is a deal advisor.
Chinese Entrepreneurs and Investors Explore Middle East Opportunities
The deal comes as Chinese entrepreneurs and investors seek to explore business collaboration and fundraising opportunities in the Middle East, where the Chinese economic slowdown and tensions between Beijing and Washington have complicated efforts by Chinese wealth managers and companies to expand and raise new capital, according to Reuters.
No Specific Sovereign Wealth Fund Mentioned
The statement did not specify a sovereign wealth fund. A spokesman for China Renaissance declined to comment, and Gudong did not immediately respond to a Reuters request for comment.
Capital Gains to Support Expansion
China Renaissance said in a statement, citing Deputy General Manager Gudong Ji Xiaoling, that the company will use capital gains to support the expansion of its fixed-line terminals.
About Judong Telecom Services and Infrastructure
Founded in 1997, Judong’s website says it has 40,000 fixed-line base stations and provides data centers that can support cloud computing in China.
The website says the company has received money from investors including Morgan Stanley and China’s two largest investment banks, CICC and CITC, as well as from an Abu Dhabi-based sovereign wealth fund.
