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 | Friday, April 28, 2000, updated at 09:39(GMT+8) | ||||||||||||
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Student-run Company Receives Venture CapitalChina's first high-tech company managed by college students, the Syntech Co-operation Ltd, announced a big potential increase in business on Tuesday after receiving 30 million yuan (US$3.7 million) in venture capital from the Qingdao-based Aucma Group.At a news conference on Tuesday, Qiu Xiaoyun, the co-founder of the students company who is still studying at Material Department of Qinghua University, said the funds will be used for the production process of their newly invented projection TV system. The projection TV system is shaped like a TV which could be used to run Video Compact Discs, Digital Video Discs and digital TV. Qiu said the product has a wide range of uses for both family and commerce with very low production costs. This invention has helped Qiu win the top award in the first Chinese College Student Invention Contest last year. The Shanghai No 1 Shopping Centre has injected 2.5 million yuan (US$300,000) of venture capital into the Syntech Company, helping it continue its research on projection TV in July 1999. Qiu said that after eight months of effort since last July, they have made their invention satisfy market requirements. Aucma's investment will help the invention become products and sell on markets. "We could not say the product will be sure to make profits, but I believe with the advanced TV related technologies the product has a very good market potential," said Lu Qunsheng, the CEO of the Aucma Group. Lu indicated that Aucma Group will put the new products on the market soon. Wang Jiaduan, mayor of Qingdao, said at the news conference that he supported the Qingdao-based Aucma being involved in that event. But he warned that under China's less developed market economy, the new Syntech company should consider more related factors in their co-operation. "Not only market factors, government inappropriate intervention and unfair market competition should also be taken into consideration," Wang said. The Syntech company is the first company in the Qinghua High-tech Garden area to receive venture capital. Zheng Yankang, deputy president of Qinghua University, said Qinghua University will continue to support students' exploitation efforts.
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