Local cash in hunt for start-ups
Asia Cyber Republic, a venture capital group led by a number of local businessmen and Silicon Valley technology experts, plans to plough HK$1 billion into Internet-enabling and infrastructure firms in Asia and the United States in the next two years.
The privately held consortium is targeting young Asian firms but will also invest in US-based companies hoping to move into Greater China's Internet sphere.
'A lot of companies in the [Silicon] Valley know the technology but not the market,' Danny Lui Tam-ping, a co-founder of Asia Cyber, said.
Mr Lui is also the chairman of US-based venture capital company America Pacific Technology.
The consortium co-founders include Charles Yeung Chun-kam, chairman of Glorious Sun Holdings, and Samson Tam Wai-ho, chairman of Group Sense, a maker of hand-held computers, Ko Ping-keung of the University of Science and Technology's Department of Engineering, and Cuong T Nguyen, chief technology officer of CyberTouch Asia.
