2007'02.10.Sat
Tianjin Binhai Angel Venture Capital Fund Registers at TEDA

September 19, 2006

New Addition Indicates Optimization of TEDA's Environment Conductive to Technology Development
TIANJIN, China, Sept. 20 /Xinhua-PRNewswire/ -- Tianjin Economic-Technological Development Area (TEDA) announces that Tianjin Binhai Angel Venture Capital Fund was founded recently in TEDA. The new fund, holding RMB100 million, will commit itself to investing capital in technology enterprises and projects, which are in their initial stage and boasting home grown intellectual property rights. In recent years, TEDA has set its development targets for the new century, constructing itself into a modern manufacturing base as well as an R&D hub. However, the realization of the targets will rely on such conditions as the reform of R&D management systems, inclusive of technology related investment and financing systems, the continuous development of the financing environment, as well as the improvement of the environment conductive to the incubation of middle and small-sized enterprises. Therefore, the founding of this fund will upgrade the local innovation and entrepreneurship environment and promote the growth of innovation culture in Tianjin, which, as a result, will generate a cluster effect for the innovative enterprises in TEDA and the Binhai New Area, and foster foundations for new economic growth in the area. The fund will focus investment on start-up enterprises characterized by strong technology strength, technology related projects and the industries enjoying priority development due to Tianjin's preponderances in the industry chain, such as bio-tech and IT. Equipped with a separate fund manager and fund custodian, the Fund will operate completely in a commercial way. Tianjin Venture Capital Co., Ltd. acts as its first manager, while a specialized fund investment committee consisting of independent investment specialists and representatives from venture capital investment organizations, who are initiators of the fund, will make its capital investment decisions. About Tianjin Economic-Technological Development Area (TEDA) Tianjin Economic-Technological Development Area (TEDA) was established in 1984 with the approval of the State Council of the People's Republic of China. It is one of the first state-class economic-technological development areas in the country. TEDA is located in the center of a larger area bordering Bohai Sea and the east of the Asia-Europe Land Bridge, thus serving as the gate to the two super cities of Beijing and Tianjin, and the throat connecting the northeast of China. By the end of 2005, 4,067 foreign companies have landed in TEDA. Of the Fortune 500 companies, 57 multinational companies, from 10 countries and regions, including such well-established multinational giants as Motorola, Samsung and Toyota, invested in 123 enterprises in TEDA. In 2000, "Fortune" listed TEDA as one of the most highly recommended economic areas in China. In 2002 UNIDO listed TEDA as one of the most dynamic areas of China together with Shenzhen, Suzhou, Wenzhou, Shanghai Pudong and Xi'an High-tech Park. For more information, please visit: http://www.investteda.org . For more information, please contact: Ding Lei of TEDA Tel: +86-22-2520-1576 SOURCE Tianjin Economic-Technological Development Area
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