Lenovo start-up fund to float more holdings
After the share sale of iDreamsky, the start-up has three other candidates to go on the market
The Lenovo Group start-up fund that backed iDreamsky Technology through its initial public offering in the United States this month has three more candidates that are almost ready for share sales.
LeFund, a US$100 million investment fund Lenovo set up in 2010, had so far invested in 30 companies, of which iDreamsky was the first, said Dennis Song, the fund's managing director.
The fund invests in areas including online and mobile games, security and cloud computing, with the goal of helping Lenovo, the world's largest maker of personal computers, move beyond hardware into internet services.
The fund, which has seen returns of seventy-fold on some investments of US$1 million to US$2 million, would bring other holdings to market following the iDreamsky float that raised about US$115.5 million, Song said.
"We have other very successful investments and return cases that are not yet in the IPO phase but we believe will be later," he said. "We have three candidates in the pre-IPO, pending phase."
While Song declined to identify the candidates, he described some of the fund's other key holdings.
