Visitors play online games at the stand of Giant Interactive Group, a Chinese video game company, during the 11th China Digital Entertainment Expo & Conference, also known as ChinaJoy 2013, on July 25, 2013 in Shanghai.[Photo / dfic.cn]

The first investment fund dedicated to backing Chinese private companies' overseas acquisitions is close to being established, billionaire Shi Yuzhu said on the country's Twitter-like micro-blogging service Weibo on Thursday night.

Shi, who made his fortune through US-listed online gaming company Giant Interactive Group Inc, said he will invest 1 billion yuan ($161.95 million) in China Minsheng Investment Co Ltd and take a 2 percent stake. Shi said he was elected vice-chairman at a ceremony on Thursday.

He also posted a picture that featured Dong Wenbiao, Chairman of China Minsheng Banking Corp Ltd, Sun Yinhuan, Chairman of Yida Group and Lu Zhiqiang, chairman of China Oceanwide Holdings Group.

Shi gave no further details and could not be reached by China Daily on Friday.

Dong talked about the fund in May 2013, saying China's 100 biggest private companies will contribute 100 million yuan each to establish the company.

On Friday, the Shanghai-based China Business News quoted an unnamed source saying the non-governmental All-China Federation of Industry and Commerce will lead preparations for the company with Dong "extremely likely" to be chairman. He is an ACFIC vice-chairman.

China Minsheng Investment will invest in domestic infrastructure projects and back private firms in mergers and acquisitions abroad, Dong was quoted by China Business News as saying.

He hoped for government support that would include foreign-exchange transactions and credit backing from the China Development Bank, one of the country's three policy banks, the report said.

Hong Kong-listed Dongyue Group Ltd said in a statement on April 8 it had paid 1 billion yuan for a less-than 10 percent stake in China Minsheng Investment.

The company hadn't been legally established at the time the statement was issued, it said.

"Establishment of CMIC is to consolidate financial resources of non-State-owned enterprises for strategic investments," Dongyue said.