Quam Limited, SND Ventures to Form JV for CNY800mn VC Fund

Hong Kong-based conglomerate Quam Limited (SEHK: 0952) announced on May 21 that its indirectly wholly-owned subsidiary had agreed to form an investment management firm in cooperation with SND Ventures Group, a state-owned investment firm in Suzhou.

The to-be-established joint venture will set up a CNY 800 million venture capital (VC) fund, said the Hong Kong-listed company, noting that CNY 100 million is expected to be raised in the first round of fundraising.

The VC fund will invest in fast-growing high-tech companies with potential to get listed on the stock markets in one or two years, according to a letter of intent the Quam subsidiary and SND Ventures entered into previously. Notably, those setting foot in the new energy, new material, new service, new environmental protection, and innovative agricultural sectors will be preferred.

Based in Suzhou, the Quam-SND Ventures joint venture will seek investment targets and provide value-added services after the investment.

Source: www.china-cbn.com (May 22, 2009)

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