Infinity Group Co-founds Life Science Fund And Accelerator In Tianjin, China

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9th November 2010, 03:24am - Views: 913






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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


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    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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