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JAFCO pledges more mainland investments

By Zhang Jin (China Daily)
Updated: 2006-03-31 06:56

HONG KONG: Japan's largest venture capitalist JAFCO will invest US$30 million to US$50 million in the Chinese mainland annually in the coming years, said a senior executive of the company.

Vincent Chan, managing director of JAFCO Asia, who is in charge of the firm's North Asia business, said JAFCO has made seven to 10 investments each year in the mainland over the past few years.

JAFCO invested between US$2 million and US$8 million in each project.

"We want to maintain that growth rate (in the coming years)," Chan told China Daily.

Heading JAFCO's investment teams in Asia Pacific markets such as Hong Kong, Taiwan, the Chinese mainland and South Korea, Chan said he now spends 90 per cent of his time travelling the mainland to seek business opportunities.

That signals a shift of the company's focus to that market. JAFCO this year is likely to go ahead of the past growth rate by investing in more than 10 projects in the mainland.

With more than US$850 million funds under management, JAFCO Asia has invested in over 330 companies in 13 countries and regions, according to the company's website. But Chan didn't say how many of them are in the Chinese mainland.

JAFCO's mainland investment mostly goes to technology-related companies, covering a variety of sectors such as digital media, advertising, new energy and education.

Chan said JAFCO Asia may open an office in Shanghai, but that is not on his immediate agenda.

JAFCO Asia has offices in Singapore, Hong Kong, Taipei, Seoul and Beijing.

Commenting on the mainland's venture capital sector, Chan, who also chairs Hong Kong Venture Capital and Private Equity Association, said the market is far from saturated.

"Although more funds have been heading to the mainland these years, there are still plenty of local start-up companies which are yearning for capital," he said.

The total amount of venture capital reached US$1.07 billion in 2005, and that figure is expected to rise to US$1.5 billion this year, according to Zero2ipo.com Ltd, a venture capital market research company in Beijing.

(China Daily 03/31/2006 page10)