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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 their development.

    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 services.

    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 office.

    (Eleanor Yeung, Asia BizTech Hong Kong Editor)



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    Updated: Mon Nov 16 17:58:41 1998 PDT