Shanghai Industrial Holdings plans to invest an additional US$300 million in information and technology business in the next two years, according to chief executive Zhuo Fumin. The SAR-listed company, controlled by the Shanghai municipal government, has invested more than US$300 million in the sector in the past few years. A similar amount would be invested in the next two years in view of the business growth of the existing information-technology (IT) projects and other potential investments. Shanghai Industrial's IT projects include a US$183 million 17 per cent stake in Semiconductor Manufacturing International and a 20 per cent stake in Shanghai Information Investment. It has also teamed up with media giant AOL Time Warner to establish an investment firm to invest in media and IT-related projects. Mr Zhuo said the company was in a strong cash position for future development and other fund-raising possibilities could be from the potential issue of Chinese depository receipts. CDRs, styled after American depository receipts, would allow mainland investors to invest in overseas-listed companies. Beijing indicated that permission for CDRs was being considered, but no timeframe has been given. Mr Zhuo said the company hoped to be in the first batch of the overseas-listed companies to issue CDRs in China once the proposal was approved. Apart from IT investment, the company said, it would continue to expand its logistics business through the acquisition of mainland enterprises.