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Denise Tsang

ChinaVest, a United States-based venture-capital investing in Greater China, is focusing a new US$100 million fund on local technology-related companies.

 Chairman and co-founder Robert Theleen yesterday said these companies were important for Hong Kong's growth.

 This was despite the fact 'a technology bubble' appeared to be emerging on the stock exchange.

 Counting a string of institutional investors such as Bell Atlantic and IBM as shareholders, ChinaVest runs five funds worth US$400 million.

 It has exposure to manufacturers such as television-maker Luks Industrial and compact-disc maker Jackin International Holdings and restaurants such as Domino's Pizza and TGI Friday's in Beijing and Taiwan.

 Mr Theleen said ChinaVest was seeking technology-related investments in the Greater China region (Hong Kong, the mainland and Taiwan) after setting up a US$100 million fund last year.

 He said he hoped ChinaVest would bridge the gaps for technology companies between the region and Silicon Valley.

 'People in the Silicon Valley can talk about technology much better than we can. But what we offer them is their potential China partners,' Mr Theleen said.

 On top of technology-related investments, ChinaVest has recently formed a consortium to take over two lucrative licensed finance companies from cash-strapped CP Pokphand for HK$100 million.

 'Bringing the two companies to the public is our long-term goal, but our immediate plan is to add technology into the finance companies,' ChinaVest chief operating officer Monique Lau said.

 ChinaVest suffered a setback last year when video chain KPS went broke due largely to soaring piracy.

 'That's a lesson for us,' Mr Theleen said.

 He said the listing plan of Domino's Pizza had been stalled for at least 12 months as a result of Taiwan's earthquake.

TECHNOLOGY 



ChinaVest puts US$100m focus on SAR