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Non-Governmental Venture Capital Enters Info-Tech Field
Shanghai Info-Tech Venture Capital Co., Ltd, China's first non-governmental venture capital company, opened for business Thursday in China's leading industrial city of Shanghai.
Hui Xiaobing, president of the company, said it was jointly established by several non-government run enterprises including Shanghai Gaoling Info-Tech Investment Service Corporation.
He said that with support of entrepreneurs, scientists and financiers, his company will provide venture capital for industrialization of info-tech discoveries and services after investment for information-technology ventures.
The company's honorary chairman Wu Jiangxing said the company has planned to invest in the state high-speed information demonstration network.
At today's inauguration ceremony, several Chinese and overseas investment companies, venture investment funds and banks including China High-tech Investment Management Co., Ltd and Sino-Century Asset Management Co., Ltd signed agreements on strategic cooperation with Shanghai Info-Tech Venture Capital Co., Ltd. Funds are badly needed for China's high-tech ventures for the industrialization of the high-tech discoveries.
China is to speed up its building of a venture investment system, in an effort to encourage the establishment of more high- tech ventures.
By the end of 1998, over 70,000 small and medium-sized technology-based companies were registered in China.
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