China-focused CMC Capital Partners, founded by the country’s media mogul Li Ruigang, is in the process of closing three Chinese yuan funds targeting a total of 5 billion yuan ($700 million).
As the latest RMB fund series set up by CMC Capital, the trio have joined a fast-expanding list of RMB funds in the country as the ongoing China-US geopolitical tensions and tightened international listing rules weigh on global investors’ appetite for China strategy.