Quam creates Xi’An JV RMB VC fund
Hong Kong-headquartered financial services group Quam Ltd. has signed a framework agreement with official investment agencies in Xi’An, Shaanxi province, to create an RMB venture capital fund for local investment.
The fund, targeting an initial RMB 200 million ($29.2 million), will target hi-tech businesses chiefly in Shaanxi province’s Xi’an High-Tech Zone. Quam has partnered with the Shaanxi Provincial Venture Investment Guiding Fund Management Center and the Commission of Xi’an High Tech Industries Development Zone on the new VC fund, the firm’s second in the PRC, with a similar vehicle in Suzhou still receiving approvals.
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