Hong Kong property developer New World GroupÆs internet subsidiary CyberBase has formed a $100m investment fund with mainland Chinese software developer Beijing Jade Bird.
The fund will focus on internet investment and technology projects in China. It will also promote science and technology development at Beijing University’s information and engineering department by funding research, product testing, market development and manufacturing. We hope the establishment of the foundation will boost advanced technological development in Hong Kong and China, said New World CyberBase chairman Henry Cheng.
Jade Bird chairman Yang Fuqing said the proposed investments would not be affected by the Chinese governmentÆs ban on foreign participation in ChinaÆs internet industry. Currently, there is no regulation on venture-capital funds, he said.
