MEDIA RELEASE PR42093
Infinity Group Co-founds Life Science Fund and Accelerator in Tianjin, China
JERUSALEM, Israel, Nov. 8 / PRNewswire-AsiaNet / -
- Infinity Announces Joint Venture Established by Portfolio Company Power
Paper and Tianjin Masterwork Machinery Co. Ltd.
Infinity Group, an RMB fund pioneer and the leader in cross border China
RMB and dollar private equity funds, announced today that it has signed three
agreements with Tianjin, China, establishing a life science fund, an
accelerator and a joint venture. A total of 220 million RMB (approximately
US$33 million) thus far has been invested by Infinity and its partners in the
life science fund and accelerator.
Infinity Group has launched the new Tianjin Israel Life Science Fund in
cooperation with fellow investors Tianjin Venture Capital Co., Ltd., the
Tianjin Economic and Technological Development Zone, Tianjin Mingxuan
Investment Co., Ltd and Tianjin Tianying Venture Capital Management Co., Ltd.
The mandate of the fund is to invest in life science companies in China.
Together with Chase Sun Pharmaceuticals and Tianjin VC, Infinity Group
has also co-founded the Tianjin Israel Chase Sun Accelerator. The accelerator
will focus on developing and commercializing innovative medical devices and
pharmaceuticals, from Israel, the U.S. and Europe, for the Chinese market.
Chase Sun is publicly traded on the GEM (Growth Enterprises Market) board in
Shenzhen, China, and is a leading pharmaceutical manufacturer.
Infinity Group also announced today that its portfolio company Power
Paper and Tianjin Masterwork Machinery Co., Ltd. have entered into a joint
venture to develop packaging applications based on Power Paper's printable
batteries. The JV will also have the right to manufacture Power Paper's
batteries.
The announcements were made during a signing ceremony at the King David
Hotel in Jerusalem attended by a large delegation of prominent businessmen
and senior government officials visiting from Tianjin, led by Tianjin
Municipal Government Party Secretary Mr. Zhang Gaoli, who served as the
master of ceremony.
"Tianjin is a very important city and platform. It is the fourth largest
city in China and one of the four cities that operates under the central
government. For these and many other reasons, life science partnerships are
strategic and worthwhile both economically and socially," said Mr. Avi
Fischer, co-CEO of Clal Industries and Investments, Deputy Chairman of IDB
Group and chairman of Infinity Group.
"The medical services and device sector has and continues to be a major
focus of interest at Infinity Group. The Chinese government continues to
upgrade the medical services and technologies available in China. Israel is a
world leader in life science innovation and a prime source for proven IP and
advanced technologies for Chinese entrepreneurs and Chinese companies
interested in licensing and developing the technologies for the Chinese
market. The news announced today marry these like interests and play a major
part in the economic package of cooperation between Israel and the Tianjin
Municipal Government," said Mr. Amir Gal-Or, managing partner of the Infinity
Group and Infinity I-China.
About Infinity Group
Infinity Group is an RMB fund pioneer and the leader in cross border
China RMB and dollar private equity funds. It is also the founder of the
Infinity IP Bank, the hub for IP development and commercialization in China.
Infinity Group currently manages eleven funds, nine in China. Infinity has a
portfolio of 45 companies and has made 22 successful exits. Infinity, which
has the greatest number of RMB funds in China, was founded by the IDB Group
(the largest conglomerate in Israel) and the China Development Bank. Infinity
serves as a bridge for Chinese companies that want to integrate technology
and know-how to compete internationally and non-Chinese companies, with
proven technology, seeking to capitalize on the Chinese market. Sectors of
focus include: medical device, pharma and healthcare services, information
technology, agriculture, materials, as well as water and clean technology and
energy. Recent high profile activities include investments in United Water
Corporation (Shanghai, China) and Weigo (Shangdong, China), as well as exits
from Tegrity, Orsus, FuturaGene and Teledata Networks. Other China-related
exits include Shellcase, Nanomotion, and a partial exit from Digital China.
Infinity has offices in Beijing, Changzhou, Chengdu, Harbin, Hong Kong,
Jining, New York, Ningbo, Shanghai, Shijiazhuang Suzhou, Tel Aviv and
Tianjin.
please contact
Marjie Hadad
at marjie.hadad@infinity-equity.com
or call +972-54-536-5220.
For Chinese language inquiries, please contact
Joey Zhu
At joey.zhu@infinity-equity.com
or at +8613601212411.
Source: Infinity Group
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