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SMC Capital, Khorchin Rider sign JV agreement

By Huang Ying  (China Daily)

13:27, August 28, 2012

A rider washes his horse after a race in Ordos, Inner Mongolia autonomous region. SMC Capital China signed a deal with Khorchin Rider Horse to develop the horse industry. (Photo/Xinhua)

SMC Capital China, a subsidiary of Hong Kong-based Simon Murray Group, signed an agreement on Monday with Khorchin Rider Horse Co Ltd to launch a joint venture.

Khorchin Rider is the largest private company in China's horse breeding industry. The JV aims to develop the company into a global leader in the area.

The total investment exceeded 120 million yuan ($18.9 million). SMC Capital China injected 60 million yuan in the joint venture - Inner Mongolia Rider Horse Industry Co Ltd - in the first round of the investment.

"The second round of the investment program will be 200 million yuan, and it's likely to happen next year," said San Eng, founding partner of SMC Capital China.

As a private equity firm, SMC Capital China is paying attention to consumption upgrades in the country. The firm believes that China's horse industry has tremendous potential for development.

As a sunrise industry, the recreational horse sector's market size is less than $1 billion in China, but its annual growth rate is more than 20 percent, according to industry statistics and SMC's own research.

"There has been remarkable growth in China's horse industry since the 2008 Beijing Olympics," said Hamilton Ty Tang, managing director of Simon Murray Co Ltd, adding that the number of equestrian clubs increased from less than 100 in 2007 to between 700 and 800 nowadays.

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