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| Monday, 21 December 2009, 16:24 HKT/SGT | |
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Source: Quam Limited | |
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HONG KONG, Dec 21, 2009 - (ACN Newswire) - Quam Limited ("Quam" or the "Group", Stock Code: 952.hk), a prominent Hong Kong-based financial services group, announced that its indirect wholly-owned subsidiary signed a Cooperation Framework Agreement with Shaanxi Provincial Venture Investment Guiding Fund Management Center ("Shaanxi Fund") and the Commission of Xi'an High Tech Industries Development Zone ("XHTZ") on 17 December 2009. This will be the second venture capital fund of Quam in China (the first foreign investment venture capital in Suzhou New District is now undergoing approval stage).
Pursuant to the Cooperation Framework Agreement, the initial fund size is RMB200 million which will be operated as a private equity for investing in high-tech enterprises mainly in Xi'an High-tech Zone of Shaanxi Province. A venture investment management company will be set up in Xi'an and is responsible for the fund management.
Mr Kenneth Lam Kin Hing, the Deputy Chairman of Quam, is delighted for the expansion of venture capital fund in China and said, "We are excited to explore another venture capital fund in Xi'an followed by our successful start in Suzhou this May. Xi'an was a renowned city in ancient time and now becomes a cradle of high-tech companies, representing a great development potential for our fund. We strive to work closely with Shaanxi officials in the coming months to roll out the new business, bringing in satisfactory returns to our partners in the near future."
"We are happy to provide our professional financial and advisory services to dynamic enterprises that grow rapidly in Xi'an, in turn increasing the competitiveness of the local community. Our capability of bringing good company to the capital market is proven. We have done one recently in Hong Kong and the company shares were well-received by the market with public offer of more than 300 times over-subscription."
Shaanxi Fund is a non-profit oriented provincial fund that managed by Shaanxi Provincial Development and Reform Commission.
Established in 1991, XHTZ is a Xi'an state-owned enterprise in Shaanxi Province. It is conceived as a "core location" for investment by high-tech industrial companies eying the world markets, as well as the Centre and the Northwest of China. In 2008, XHTZ achieved an operative income of RMB241.06 billion, over 30% up year-on-year.
Contact:
Quam IR
Ms Anita Wan
Tel: +852-2217-2687
E-mail: anita.wan@quamgroup.com
Ms Sharon Au
Tel: +852-2217-2680
E-mail: sharon.au@quamgroup.com
Ms Venus Lam
Tel: +852-2217-2909
E-mail: venus.lam@quamgroup.com
Topic: Press release summary
Source: Quam Limited
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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