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| AsiaTech to Manage Portion of HK's Applied Research Fund
November 17, 1998 (HONG KONG) -- AsiaTech Ventures Ltd. has been appointed
as one of three firms to manage the Hong Kong government's HK$750 million
(US$97 million) applied research fund.
|AsiaTech Ventures is a Hong Kong-based venture capital firm specializing
in the Internet and communications industries.
The company plans to identify niche areas that are best suited to Hong
Kong's strengths in technology, according to Hanson Cheah, founder and
executive director of AsiaTech Ventures.
Initially, it will provide start-up capital to local emerging enterprises
and also provide technical, marketing and operational advice to ensure
AsiaTech Ventures will focus on the development and implementation of
technology in a broad spectrum of growth industries, including telecommunications,
healthcare, IT, e-commerce, consumer-related services and financial
Hong Kong chief executive Tung Chee Hwa said in a recent policy address
that the government has recognized the need to diversify the economy
beyond the real estate and financial sectors. In the next century, technology
value-added and innovation will likely be the most important factors
for the growth of Hong Kong's economy.
AsiaTech Ventures projects that demand for locally developed software
and hardware will grow as companies in Asia employ more technology.
Increasingly, Asian companies find that the software and technology
developed by multinationals are not best suited for local business,
manufacturing and management models.
Organizations in Asia will rely more on locally developed software and
technology due to language, cultural and operational differences, bringing
tremendous potential to indigenous companies, said James Yao, executive
director of AsiaTech Ventures. He heads the company's Silicon Valley
(Eleanor Yeung, Asia BizTech Hong Kong Editor)
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