Giant Network Hongyi Capital spokesperson also did not comment

Reuters quoted a person familiar with the situation as saying that its Hong-Yi capital is discussing joining a consortium led by Baring Asia to participate in a 2.8 billion-dollar deal to privatize the Giants ' network.

Hong-Yi Capital is Lenovo Group's private equity firm. Sources said the company was discussing investing up to $500 million in equity securities to provide some money for the privatisation deal.

The consortium that launched the giant network privatisation deal includes Shi Yuzhu, chairman of the giant network. Baring Asia needs to raise about 1.5 billion dollars to buy 52.8% of the shares that the giant network has not yet owned. The consortium is still trying to borrow money to finance the deal.

An external spokesman for Baring Asia declined to comment on the news, as did the giant network Hongyi capital spokeswoman.