Orchid Asia invests in China sports retailer

Orchid Asia Group Management, an early backer in ctrip.com, has invested $10m in Chinese retailer Sport100, shortly after closing a new fund last month.

Hong Kong-headquartered Orchid Asia Group Management has invested $10 million (€8.4 million) in Sport100 International Holdings, a Shanghai-based chain retailer of specialty sporting goods.

Orchid Asia’s investment will help finance the expansion of a sports retailer with more than 30 large format stores, each averaging over 2,000 square metres, in ten major cities including Beijing, Shanghai, Tianjin and Shenzhen.

This deal comes on the heels of Orchid Asia third fund close, which drew more than $180 million (€149 million) in limited partner commitments from January.

The new fund will provide expansion capital for China where Orchid Asia has been investing for more than 10 years. Aside from Hong Kong, the firm has offices in Shanghai, Beijing and San Francisco.