The fund will seek investment opportunities in environment- protection technology, life sciences, and consumer products & services sectors. Each investment will range between USD 1 million and USD 25 million.
The fund will be managed by former China head of WI Harper David Zhang and Bo Shao, a partner of Matrix Partners. David Zhang is well experienced in venture investment in new media and high-tech industries and Bo Shao specializes in Internet investment.
WI Harper China has invested in Focus Media Holding Limited (NASDAQ: FMCN), DivX, ikang.com, quanjing.com, 3g.cn, maxthon.cn, Daqi.com and MJ Health Screening Center under the leadership of David Zhang.
China's high-tech industry is growing at a faster pace and more high technologies will be used in traditional industries. There will be a surge of venture investment opportunities in China this year.
China Venture Capital Research Institute Limited statistics show that 109 venture capital firms in China increased the capital base or launched new rounds of funding in 2007 with new fundraising of CNY 89.34 billion, over four times that in 2006. Eight venture capital firms have set up funds with a combined size of nearly CNY 35 billion to mainly invest in China and India.
As at December 31, 2007, the size of mainland China-focused venture capital funds under the management of domestic and foreign firms amounted to CNY 120.59 billion, more than double that in 2006.
Venture investment in the mainland hit a record high of over CNY 39.80 billion last year, over 2.5 times the figure in 2006. The number of portfolio projects is as high as 741, over double the figure in 2006.
Government-backed venture capital investment guide funds, where government capital accounted for 34.57 percent, were becoming major forces. The Ministry of Finance and the Ministry of Science and Technology blazed the way to set up the first national guide fund last June with an initial size of CNY 100 million, mainly funding small and medium-sized enterprises.
Local governments in Shanxi, Suzhou city of Jiangsu province, Zibo city of Shandong province, Kunming city of Yunnan province, Shenyang city of Liaoning province, Haidian district of Beijing, Shanghai Pudong New Area and Tianjin Binhai New Area followed to establish similar funds.
(USD 1 = CNY 7.19)
From news.homeway.com.cn, Page 1, Thursday, January 31, 2008 info@SinoCast.com
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