Bank of China set up 350 million US dollar billion venture capital fund

This is the sixth International Industry Fund, the China Development Bank and the Israel State Discount Bank (IDB) jointly funded the establishment of the $350 million joint fund-China billion venture capital fund in Beijing yesterday. Elly Ishai, Minister of Industry and Labor, Eliyahu Yishai, the first Israeli vice-premier to visit China, and Chen Deming, Minister of Commerce, China, attended the signing ceremony. This is the sixth International Industry fund that the National Bank has participated in the establishment. In the 10 years since 1998, the Bank has participated in the establishment of the Sino-Swiss Cooperation Fund, China Belgian Direct equity investment fund, China ASEAN Investment Fund, Sino-Italian Mandarin Fund and the Sino-African Development Fund 5 Sino-Foreign joint venture industry funds. For the bank and IDB in China billion venture capital investment ratio, a person in the bank yesterday to the "first financial daily" interview that the current inconvenience disclosed. IDB is Israel's largest holding listed company and has been involved in many different areas. As early as in 2004, IDB entered the China venture capital market, together with its investment venture company Infinity and Sino-New Suzhou Industrial Park Venture Capital Co., Ltd. set up a infinity-new venture capital fund. Infinity is the main agent of IDB in the field of venture capital. infinity-New venture capital fund in the first stage is 10 million U.S. dollars, according to the agreement, the Fund visible expansion. The fund is invested mainly in the following three types of companies: Israeli technology companies operating in China, China-Israel joint ventures and Chinese technology-based companies seeking global expansion and global markets. At present, infinity-New Venture investment fund has invested 6 projects in China, with a total investment of 14 million U.S. dollars, on the basis of a cash return of 8 million dollars, owns the equity value of more than 20 million U.S. dollars, investment return has been more than one times. In the business plan of Sino-New Suzhou Industrial Park Venture Capital Co., Ltd., after the 10 million dollars of infinity-new venture capital investment fund, the two sides will cooperate in depth, set up a total of $350 million venture capital fund, and mainly invest into long-term enterprises. Prior to this, the State Council has approved the National Development Bank to invest 30 million of billions of dollars to participate in the establishment of China billion venture capital fund.