The company plans to use the money to invest in information technology firms
Legend Group Holdings, parent of China's largest personal computer maker Legend Holdings, plans to raise US$60 million to $70 million from domestic and overseas investors for its venture-capital fund to nurture domestic information technology companies.
'Our goal is to provide funding to help the growth of IT start-up companies. We have the network here and we know the sector well,' said Zhou Jianhui, a spokeswoman for Legend Capital, the venture-capital arm of Legend Group Holdings.
The venture plans to invest about 70 per cent of the funding into IT companies, while the remainder will be invested in traditional industries, such as business outsourcing process companies and medical equipment suppliers.
'We're here for long-term investments, not simply trying quickly to make a profit and exit,' she said.
The investment time span would range between five and seven years. Ms Zhou said that although making money was the venture capital fund's goal, helping local IT companies to expand and develop their business was equally important. This is the first time Legend has invited outside funding to participate in its venture-capital fund, which the parent company set up two years ago.
