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The International Data Group (IDG) plans to enter the venture capital market in East China's Jiangsu Province to expand its business, announced by the company's Chairman Patrick J McGovern.
He noted that IDG is willing to help small and medium-sized enterprises and companies, especially those in the high-tech sector, in Jiangsu to grow faster and better.
In their first phase of cooperation, IDG and JHVCC will put in 230 million (US$28 million) yuan and 100 million (US$12 million) yuan respectively by way of investment in some promising entrepreneurial companies in the province. It is anticipated that IDG will invest 1 billion (US$120 million) yuan in Jiangsu in the next four to five years.
IDG began its trial venture capital operation in China in 1989 and has set up venture capital management companies in Beijing, Shanghai, Guangzhou, Tianjin and Shenzhen since 1993. Its venture capital fund has invested in 120 projects in China, creating 25,000 jobs.
(china.org.cn October 18, 2002)
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