Quam set to launch hi-tech venture capital fund in Shaanxi province, China
Hong Kong-based financial services group Quam Limited (HK: 952) has agreed the terms of a new venture capital fund to invest in high-tech Chinese enterprises.
The investments will be mainly located in the Xi’an high-tech zone of Shaanxi Province. Under the agreed framework the initial fund size will be RMB200 million (approximately US$29.3).
“Xi'an was a renowned city in ancient time and now becomes a cradle of high-tech companies, representing a great development potential for our fund”, Quam Deputy Chairman, Mr Kenneth Lam Kin Hing said, “We strive to work closely with Shaanxi officials in the coming months to roll out the new business, bringing in satisfactory returns to our partners in the near future."
The venture capital fund is being established in conjunction with the state-backed ‘Commission of Xi'an High Tech Industries Development Zone’ and the non-profit oriented Shaanxi provincial fund. The new fund will be Quam’s second venture capital fund to be launched in the People’s Republic. The first, the Suzhou fund is currently undergoing approval in the Suzhou New District, in the Jiangsu province.
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