For Immediate
Release
November 3,
2004
Los Angeles, CA —Business representatives from Los Angeles and China have entered into joint venture funding
agreements (the “China Opportunity Fund”) to invest in young, fast growth ventures
in China and bring them to Southern California to incubate and develop into international
companies.
“This is a real win-win jobs formula
for China and Southern California,” said President/CEO Lee Harrington,
of the Los Angeles County Economic Development Corporation (LAEDC). “It marries China’s competitive advantages with Southern California’s world-class business services capabilities.
The Los Angeles region employs close to 600,000 professionals
in business, financial, marketing and distribution industries.”
The China Opportunity Fund is now capitalized
at $30 million (with
a follow on $30 million in the works.) backed by capital
from China, Taiwan, Singapore, New York, San Francisco, Japan and Los Angeles” explained Kevin
Nikkhoo, the China Opportunity Fund managing partner from Sino-Century Capital
and Investment US, and former CEO of Vertex Systems, an LA-based software systems
and services company. “We will work with
our overseas investors to identify those ventures with the most international
fast growth promise and bring their management teams to Southern
California
to develop into successful global businesses,” he said. Future stage venture capital
from the U.S. will also participate in funding and
development.
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LAEDC/CHINA Agreement
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The China Opportunity Fund also entered
into its first engagement with HiSoft, formerly Dalian Haihui Sci-Tech Co., Ltd.,
a software solutions company. According to Nikkhoo, HiSoft
is a prime candidate for rapid international growth having achieved
ISO 9001 certification and Six Sigma status. “HiSoft is ready to tap into the fast growth
support offered by the China Opportunity Fund,” said Li Yuanming, HiSoft general manager.
“Los Angeles County’s Business Technology Incubator in
Altadena will serve as an early stage location
for some of these software ventures,” said Supervisor Mike Antonovich.
“As the ventures grow we will work to site them throughout the region.”
Supervisor Antonovich has supported the business initiative through his
close relationships in Dalian with Mayor Deren Xia and Beijing, with Minister of Commerce Mr. Xilai
Bo who have provided support to the initiative.
Nikkhoo and an LAEDC business delegation
are in China during the first week of November pursuing
additional Chinese companies interested in locating to Southern California.
“This model has been shared with other
key regions in China who have expressed immediate interest
in similar ventures,” said Harrington. It
is equally applicable in high-value fields like biomedicine and medical instruments
and security applications and high tech manufacturing. We expect to be able to create more win-win
ventures with China,”
Editors:
For interviews and images contact: George Mc Quade or Aida Mayo at MAYO
Communications at: 818.340.5300 or 818.618.9229 or PR@MayoCommunications.com.
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