Olympic legend Deng Yaping has established a massive investment fund to focus on the fast-growing sports industry in China, media reports said on Sunday.
The fund, formed by Deng and a unit of Zhongyuan Asset Management Co, plans to raise 5 billion yuan ($737.9 million) from the capital market, with the first round of fundraising expected to reach 500 million yuan, news portal china.com reported.
The fund will focus on unlisted enterprises, said the report. Other main areas of investment for the fund include culture, tourism, technology and health.
Deng began a career in business after her retirement from a splendid career as a table tennis player, during which she won 18 world champion titles, including four Olympic gold medals.
She has also held positions in the International Olympic Committee, the Beijing Organizing Committee of the 29th Olympic Games and the General Administration of Sport of China.
Most recently, Deng was the CEO of jike.com, an Internet search engine established by a company under people.cn for six years before departing from Jike in June.
The central government has signaled support for developing the sports industry. The State Council, China's cabinet, on Friday issued guidelines on the development of the fitness and leisure sectors.
As China has entered the last stage before becoming a "moderately prosperous society," demand for sports is growing fast and there is major potential for the fitness and leisure sectors, according to the guidelines. However, it said, the sectors face many problems, such as a shortage of effective supply, insufficient measures to stimulate public consumption, and backward infrastructure and equipment.
The sports industry in China will be worth 3 trillion yuan by 2025, the guidelines said, which also noted that private capital will be encouraged to participate in the development of the sports industry.
