CDC Corporation to Launch a Private Equity RMB Fund with the China Government
2010年9月14日 - 10:21PM
ビジネスワイヤ(英語)
CDC Corporation (NASDAQ: CHINA/CHIND), a leading China-based
value-added operator of, and growth investor in, hybrid
(SaaS/On-Premise) enterprise software, IT Services, and New Media
assets, today announced it has signed a memorandum of understanding
(MOU) to jointly establish a private equity fund, “Foshan
Nanhai-CDC Technology and New Media Fund,” initially funded at 600
million RMB, with the government of Nanhai District, Foshan, a city
located in south China’s Guangdong Province.
Foshan is the third largest city in Guangdong and holds one of
the highest gross domestic product (GDP) per capita in the country.
Foshan is considered one of the top-10 fastest growing cities in
China, and has a large manufacturing sector, including companies
that design and manufacture electrical appliances, textiles,
garments and ceramics products.
The MOU was signed by Peter Yip, CEO of CDC Corporation, and Wan
Zhikang, vice mayor of the People’s Government of Nanhai District,
Foshan City, in a ceremony held Sept. 9, 2010 in Foshan. The
establishment of the fund is subject to the completion of
several customary conditions, including the receipt of approval by
the CDC Corporation board of directors, the completion and
execution of legal documentation and the receipt of all required
approvals.
According to the agreement, the venture fund will focus on
Nanhai’s high tech and new media industries, including cloud
computing (software-as-a-service, platform-as-a-service and
infrastructure-as-a-service), e-commerce, social network websites,
3G mobile media, Internet media and content and animation. The Fund
is expected to mainly consist of investments in start-up and growth
technology companies, as well as leading U.S. technology and new
media companies. Through the fund, CDC and the government plan to
leverage a unique platform, which consists of a combination of
technology and capital, to introduce overseas high-tech
industrialization projects and talent recruitment that is expected
to help propel the growth of emerging companies and accelerate the
development of an optimal business infrastructure for companies
operating in that region.
The fund will be under the guidance of an investment committee
led by Mr. Yip and an advisory committee headed by Raymond Ch'ien,
chairman of the board of directors of CDC Corporation, and chairman
of the boards of MTR Corporation Limited and Hang Seng Bank
Limited. Peter Cuneo, former CEO of Marvel Entertainment LLC, will
also be one of the members on the advisory board.
According to Ou Bangmin, mayor of the People’s Government of
Nanhai District, Foshan City, “Nanhai will make a significant
effort to develop its high-tech industries. The district government
will earmark the best sites, near metro transit lines in the region
to build high-tech parks and to provide certain incentives to
attract science and technology professionals to this region. The
District Government expects CDC to help us realize the
technology-led economic transformation vision for this area.”
“We are very excited to add this New Media & Technology Fund
to CDC Corporation’s investment assets,” said Yip. “This Fund also
is in line with CDC’s investment strategy of bringing our
operational expertise to assets we invest in, as well as helping
our investments achieve economies of scale by leveraging our global
business and technology platform that includes a worldwide network
of sales, marketing, support and general administrative operations,
as well as extensive research and development centers in China. For
example, as the Fund assimilates intellectual property from
different geographic regions worldwide, it can migrate operations
to CDC’s R&D facilities in China and leverage the resulting
benefits in the form of costs savings, increased competitiveness,
and higher profitability.”
Peter Cuneo, former CEO of Marvel Entertainment, concluded, “I
am honored to serve as a member of the advisory board to this RMB
Fund. The fund, along with its co-investors, can also help many
overseas companies expand into China. I look forward to playing a
part in the success of this unique venture.”
About CDC Corporation
CDC Corporation is a China-based value-added operator of, and
growth investor in, hybrid (on premise and SaaS) enterprise
software, IT, and new media businesses. The company pursues two
value-added investment strategies. The first strategy includes
actively managing majority interests in its core portfolio of
hybrid enterprise software, IT services and New Media businesses,
adding value by driving operational excellence, top-line growth and
overall profitability. The second strategy includes identifying and
executing on opportunities to co-invest with leading venture
capital and private equity funds through minority interests in
fast growth companies in emerging markets related to CDC
Corporation’s core assets. This second strategy, which complements
the first, helps to mitigate risk and enhance deal flow for the
company. CDC Corporation expects to deliver superior returns and
additional value for its shareholders through these strategies, as
well as through its plans to declare and pay regular dividends in
the form of registered shares of its publicly listed subsidiaries
and other assets. For more information about CDC Corporation
(NASDAQ: CHINA), please visit www.cdccorporation.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding our plans and expectations for this Fund,
including the timing of funding, closing and the receipt of any
requisite approvals and the satisfaction of any required conditions
precedent, our beliefs regarding the potential value and
composition of this Fund, the underlying components thereof, and
the potential benefits thereof, and other statements that are not
historical fact, the achievement of which involve risks,
uncertainties and assumptions. These statements are based on
management's current expectations and are subject to risks and
uncertainties and changes in circumstances. There are important
factors that could cause actual results to differ materially from
those anticipated in the forward looking statements. If any such
risks or uncertainties materialize or if any of the assumptions
proves incorrect, our results could differ materially from the
results expressed or implied by the forward-looking statements we
make. Further information on risks or other factors that could
cause results to differ is detailed in filings or submissions with
the United States Securities and Exchange Commission made by CDC
Corporation in its Annual Report for the year ended December 31,
2009 on Form 20-F filed on June 30, 2010. All forward-looking
statements included in this press release are based upon
information available to management as of the date of the press
release, and you are cautioned not to place undue reliance on any
forward looking statements which speak only as of the date of this
press release. The company assumes no obligation to update or alter
the forward looking statements whether as a result of new
information, future events or otherwise. Historical results are not
indicative of future performance. For these and other reasons,
investors are cautioned not to place undue reliance upon any
forward-looking statement in this press release.
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