LAEDC Announces Unique Win-Win Joint Venture Agreement Between China and Southern California

Business representatives from Los Angeles and China have entered into joint venture funding agreements (the China Opportunity Fund") to invest in young, fast growth ventures in China and bring them to Southern California to incubate and develop into international companies.

Los Angeles, CA (PRWEB) November 4, 2004 -- Business representatives from Los Angeles and China have entered into joint venture funding agreements (the China Opportunity Fund") to invest in young, fast growth ventures in China and bring them to Southern California to incubate and develop into international companies.

This is a real win-win jobs formula for China and Southern California," said President/CEO Lee Harrington, of the Los Angeles County Economic Development Corporation (LAEDC). It marries Chinas competitive advantages with Southern Californias world-class business services capabilities. The Los Angeles region employs close to 600,000 professionals in business, financial, marketing and distribution industries."

The China Opportunity Fund is now capitalized at $30 million (with a follow on $30 million in the works.) backed by capital from China, Taiwan, Singapore, New York, San Francisco, Japan and Los Angeles" explained Kevin Nikkhoo, the China Opportunity Fund managing partner from Sino-Century Capital and Investment US, and former CEO of Vertex Systems, an LA-based software systems and services company. We will work with our overseas investors to identify those ventures with the most international fast growth promise and bring their management teams to Southern California to develop into successful global businesses," he said. Future stage venture capital from the U.S. will also participate in funding and development.    

The China Opportunity Fund also entered into its first engagement with HiSoft, formerly Dalian Haihui Sci-Tech Co., Ltd., a software solutions company. According to Nikkhoo, HiSoft is a prime candidate for rapid international growth having achieved ISO 9001 certification and Six Sigma status. HiSoft is ready to tap into the fast growth support offered by the China Opportunity Fund," said Li Yuanming, HiSoft general manager.

Los Angeles Countys Business Technology Incubator in Altadena will serve as an early stage location for some of these software ventures," said Supervisor Mike Antonovich. As the ventures grow we will work to site them throughout the region." Supervisor Antonovich has supported the business initiative through his close relationships in Dalian with Mayor Deren Xia and Beijing, with Minister of Commerce Mr. Xilai Bo who have provided support to the initiative.

Nikkhoo and an LAEDC business delegation are in China during the first week of November pursuing additional Chinese companies interested in locating to Southern California.

This model has been shared with other key regions in China who have expressed immediate interest in similar ventures," said Harrington. It is equally applicable in high-value fields like biomedicine and medical instruments and security applications and high tech manufacturing. We expect to be able to create more win-win ventures with China."

Editors: For interviews and images contact: George Mc Quade or Aida Mayo at MAYO Communications at: 818.340.5300 or 818.618.9229 or PR@MayoCommunications.com.

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