Nine Chinese state-owned banks and companies have joined forces with a US partner from Boston to launch the Shanghai Pacific Technology Venture Fund, with $20m to be split between 30 or 40 technology companies in Shanghai. The companies will be those working in fields such as cable television, computer software, pharmaceuticals and telecommunications. But Liu Zhenyuan, the fund’s chairman, and the former deputy major of Shanghai, says that US Industrial know-how will be just as important as the cash. The Shanghai Fund is reportedly the first venture capital fund with a foreign partner to be authorised by China. The US partner, Pacific Technolo gy, was founded by Pat Mc Govern more than 10 years ago. McGovern is chairman of publisher International Data Group. The Shanghai fund’s managing director Hugo Hsiung said that the aim is to take the ventures public after a few years.
