Tianjin Binhai Angel Venture Capital Fund Registers at TEDA

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: [phone]

SOURCE  Tianjin Economic-Technological Development Area