Chinese investment firms set up fund to support 'Internet Plus'

BEIJING - A direct investment firm with China's largest securities trader worked with two partners to establish a 5 billion yuan ($817 million) fund to invest in Internet-related start-ups.

Gold Stone, a subsidiary with CITIC Securities, Ce Yuan Ventures, a risk investment company, and China Renaissance investment bank will pool money to invest in companies in Internet-based real estate, automobile, finance, agriculture and other sectors.

The new team will support emerging sectors within the country's "Internet Plus" initiative, offering venture capital investment and capital operations such as private financing, acquisitions and mergers and IPO on A shares Strategic Emerging Industries Board.

In early July, China unveiled its "Internet Plus" action plan, which promises to boost integration of the Internet with traditional sectors like manufacturing, agriculture, finance and logistics.