RMB 100m Venture Fund to Start Operation in ChengduThe Administration of Chengdu Hi-Tech Development Zone recently initiated and set up Chengdu Xinxing Venture Investment Co. with a total capital of 100 million yuan.The move aims at addressing the bottleneck in capital and management in developing the hi-tech industry. The company is the first of its kind incorporated by the government and well-known consultancy companies and also the company with its listed shareholders outnumbering all the other venture investment companies so far. It will reportedly adopt market-oriented operation and management. According to the preplanned mechanism, the company will comply with the international practices in management. An investment fund management company will first be set up by the Administration of Chengdu Hi-Tech Development Zone and Shanghai Yashang Group to act as fund manager. The 100 million yuan worth of venture capital will then be in the custody of the fund manager. (Panorama) |
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