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Sino-Swiss Venture Capital Fund Management Co Ltd (SSVC) announced its establishment in Beijing on Wednesday, with a registered capital of 10 million yuan (US$1.2 million).
China Development Bank (CDB), the country's largest policy-orientated bank, holds a 67 per cent stake in SSVC and the State Secretariat for Economic Affairs of Switzerland (SECO) holds 33 per cent.
Involved in business of managing the Sino-Swiss Partnership Fund (SSPF) and providing relevant advisory services, SSVC creates a new way to support Chinese enterprises with foreign funds.
"SSVC is our first trial in establishing a joint venture fund management company, which we hope can help advance the development of China's financial market by drawing in various forms of funds and taking advantage of the State's credit worthiness," said Chen Yuan, president of CDB.
He added the SSVC is also expected to take in other funds, including those from overseas in the future. "Switzerland has established many similar companies in other countries around the world. We usually run them by combining our expertise with the local environment," said Dominique Dreyer, Swiss Ambassador to China.
Early in 1998, the CDB and the SECO jointly founded SSPF in accordance with the memorandum of understanding signed by China and Switzerland, aimed at encouraging the small and medium-sized companies from Switzerland to increase the level of their direct investment in China.
With an initial registered capital of 31.25 million Swiss francs (US$22.48 million), SSPF has made a number of investments in Sino-Swiss and Sino-German joint venture companies in China.
(China Daily March 21, 2003)
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