CDC Corporation (NASDAQ: CHINA/CHIND), a China-based growth investor that focuses on hybrid (SaaS/On-Premise) enterprise software, IT Services, and New Media assets, has signed a memorandum of understanding with the Government of Nanhai District, Foshan, a city located in south China’s Guangdong Province to jointly establish a private equity fund.
The RMB600m Foshan Nanhai-CDC Technology and New Media Fund will focus on Nanhai’s high tech and new media industries, including cloud computing (software-as-a-service, platform-as-a-service and infrastructure-as-a-service), e-commerce, social network websites, 3G mobile media, Internet media and content and animation.
The vehicle, whose establishment is still subject to the completion of different customary conditions, will mainly consist of investments in start-up and growth technology companies, as well as leading U.S. technology and new media companies.
The fund will be guided by an investment committee led by Mr. Yip and an advisory committee headed by Raymond Ch’ien, chairman of the board of directors of CDC Corporation, and chairman of the boards of MTR Corporation Limited and Hang Seng Bank Limited.
Peter Cuneo, former CEO of Marvel Entertainment LLC, will also be one of the members on the advisory board.