China-focused venture firms Legend Capital, Sequoia Capital China and CCB International, the investment arm of China Construction Bank, have invested RMB400 million ($59 million; €45 million) into Fujian Peak, a Chinese sports retailer.
Legend Capital declined to disclose its precise investment amount. Sequoia Capital China and CCB International did not reply to requests for comment.
Founded in 1989, Fujian Peak manufactures and sells sports apparel and goods such as shoes, bags and accessories. The company currently owns 4000 stores across China.
The capital will be used to scale up operations, advance research and development, increase staff and marketing exercises.
Legend Capital’s investment was made out of the $350 million Legend Capital IV. Fujian Peak is the fund’s fifth deal and it intends to make up to seven more deals in 2009, according to a Legend Capital spokeswoman.
This March, Legend Capital also invested in Dianji Technology, an instant messaging platform provider. The firm is a sister company of China-focused buyout firm Hony Capital. Both are member companies of state-backed conglomerate Legend Holdings, the largest shareholder in computer maker Lenovo.
Founded in 2005, Sequoia Capital China is the US venture firm’s Chinese affiliate.
In November 2008, CCB International revealed plans to launch a RMB5 billion healthcare fund.