China and Korea team up for wireless fund

Shanghai''s government and Korea''s Ministry of Information and Communications are seeding a technology transfer fund.

Jame DiBiasio

September 27, 2001

The municipal government of Shanghai and the South Korean Ministry of Information and Communications will announce today (Friday) sponsorship of a fund to invest up to $50 million into wireless technology ventures in China. The fund will enjoy an initial seeding of $30 million from Korea's MoIC – representing the ministry's inaugural investment offshore – and its managers will then seek additional investments from private companies.

The fund will be jointly managed by a Chinese and a Korean fund manager. Shanghai has already appointed Hong Kong-based DragonTech Ventures as a manager; DragonTech is the venture arm of Shanghai Industrial Investment (Holdings). Korea's MoIC currently has an open tender for a Korean fund manager.

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