CHINA / National |
China more attractive for venture capital in third quarter(Xinhua)Updated: 2006-11-15 13:07 BEIJING -- Venture capitalists stepped up their activities in China in the third quarter, putting US$361.1 million, a rise of 47 percent over the same 2005 period, into the country, an industry report has claimed. The quarterly report by the Ernst and Young and Ventureone, a financial information provider, shows that mainland-based firms saw 54 transactions in the three months ending September, 16 more than the same period last year. Up to 145 deals involving US$1.18 billionof venture capital have been finalized in the first nine months. The yearly investment is expected to top US$1.2 billion, said the report. Figures indicated China's surging popularity in the global venture capital market, the report said. Information technology remains the most appealing sector, with 34 companies attracting US$221.8 million. High-tech industries including digital television, 3G technology, and broadband would highlight future investment, said Song Anlan, vice president of Softbank China Venture Capital, an industry leader. The energy industry was notable with six contracts clinched, compared with the only one deal last year. About US$130.6 million have been poured into the consumer and service sector in 17 transactions, doubling the amount for last year. Song said Chinese enterprises are bound to draw more funds in the years ahead, given the country's robust economic growth, and wider access allowing its companies to be more actively engaged in the global market.
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