Deng Yaping (Photo : Getty Images)
Table tennis champ and Olympic medallist Deng Yaping has co-founded a massive investment fund to focus on China's fast-growing sports sector, local Chinese media reported on Sunday.
The fund, established by Deng and a unit of Zhongyuan Asset Management Co, plans to raise 5 billion yuan ($737.9 million) from the capital market with first round of fundraising expected to hit 500 million yuan, according a report from the state-owned Global Times newspaper.
The fund will focus on unlisted enterprises as well as in culture, tourism, technology, and health sectors, the report said.
Deng, who won 18 world championship titles including four Olympic gold medals, made headlines in China in recent years for her forays in business, nonprofit, and government sectors. She was the CEO of Jike.com, a local Internet search engine, before departing from the company in June, and held positions in the International Olympic Committee, the organizing committee for the Beijing Olympics, and the General Administration of Sports in China.
Deng's foray into China's sports industry also comes with the support from Beijing, which has been increasingly keen on promoting sports in the country. On Friday, the State Council, China's cabinet, issued a list of guidelines on the development of fitness and leisure sectors.
With China entering the last stages of becoming a "moderately prosperous society," the demand for sports in the country is growing fast and there is major potential for fitness and leisure sectors, according to the guidelines.
However, the guidelines state that these sectors also face many difficulties, including the shortage of effective supply, insufficient measures to stimulate public interest, and lack of infrastructure and equipment.
China's sports industry is expected to reach 3 trillion yuan by the end of 2025, the guidelines said, noting that private capital will be encouraged to participate in the development of the sports industry in the country.
