REFILE-Legend aims to raise two funds totalling $500 mln

(Refiles to change dateline to Beijing from Shanghai)

BEIJING, Dec 6 (BestGrowthStock) – Legend Capital, the venture
capital unit of Legend Holdings, plans to raise at least 1
billion yuan ($150 million) in a yuan-denominated fund and $350
million in a U.S. dollar fund in the first half of next year, a
senior executive said on Monday.

The planned new funds will invest in sectors that will
benefit from government support, such as telecommunications,
media and technology, green energy, consumer-related services and
pharmaceuticals, Managing Director Ouyang Xiangyu told Reuters in
an interview.

Legend Capital currently manages a 1 billion yuan
local-currency fund as well as four dollar funds totalling $700
million, in which the fourth one is the largest, with $350
million in size.

Ouyang said that the planned funds for next year will be
bigger than previous ones, without giving specific forecasts.

Legend Capital and its sibling firm Hony Capital compete with
global buyout firms including Blackstone (BX.N: ) and the Carlyle
Group [CYL.UL] for capital and investment opportunities in
China’s booming private equity market.

China is encouraging private equity investment to channel
more savings into the private sector to bolster growth and
innovation as the country seeks to cut reliance on exports and
government-backed investment.

Legend Capital was established in 2001 and had invested in 15
companies before they went public. They include Sinocom Soft
(0299.HK: ), AH USTC Iflytek (002230.SZ: ) and Sunshine Paper
(2002.HK: ).

Its parent Legend Holdings also owns Lenovo Group Ltd
(0992.HK: ), the world’s No.4 PC brand.
($1=6.65 Yuan)
(Reporting by Li Ran and Ken Wills; Writing by Samuel Shen)

REFILE-Legend aims to raise two funds totalling $500 mln