纽约时报：硅谷风险投资看好中国技术市场
Venture firm and ally plan China fund
Published: July 20, 2005 The New York Times
By David Barboza
SHANGHAI, China--Accel Partners, one of Silicon Valley's biggest venture capital firms, said Tuesday that it would team up with the venture capital arm of the International Data Group, the American publisher and media company, to create a $250 million fund to invest in Chinese technology companies.
The move is one of the biggest yet as Silicon Valley venture capital firms enter China's fast-growing, but increasingly competitive, technology market.
Like other foreign investors, American venture capitalists and private equity firms have been rushing into China over the last few years in search of the Chinese equivalents of Yahoo.
"There's no shortage of capital sloshing around the markets right now," said Charles C. Comey, a managing partner in the Shanghai office of the Morrison Foerster firm, which advises companies on venture capital and private equity investments.
Some analysts here, however, are already warning that too much speculative money is flowing into China, driving up the value of Chinese technology companies, and that many foreign investors will probably face huge losses in the coming years.
But some impressive success stories in the last year have helped fuel the China investing frenzy, particularly because China's technology, gaming, Internet and mobile telephone markets are booming.
This year, for instance, the Softbank Asia Infrastructure Fund sold its stake in Shanda Interactive Entertainment, the gaming company based in Shanghai, for more than $500 million after the company was listed on the Nasdaq stock market in 2004. Softbank had invested about $40 million in Shanda in 2003.
Doll Capital Management, another Silicon Valley venture capital firm, has also done well by investing in more than half a dozen Chinese companies.
Analysts said that Accel might be seeking the expertise of IDG's venture capital arm, which has already invested in more than 140 Chinese companies in the last decade.
Last year, venture capital firms invested nearly $1.3 billion, up nearly 30 percent from 2003, according to Zero2IPO, a venture capital research and consulting company based in Beijing.
Published: July 20, 2005 The New York Times
By David Barboza
SHANGHAI, China--Accel Partners, one of Silicon Valley's biggest venture capital firms, said Tuesday that it would team up with the venture capital arm of the International Data Group, the American publisher and media company, to create a $250 million fund to invest in Chinese technology companies.
The move is one of the biggest yet as Silicon Valley venture capital firms enter China's fast-growing, but increasingly competitive, technology market.
Like other foreign investors, American venture capitalists and private equity firms have been rushing into China over the last few years in search of the Chinese equivalents of Yahoo.
"There's no shortage of capital sloshing around the markets right now," said Charles C. Comey, a managing partner in the Shanghai office of the Morrison Foerster firm, which advises companies on venture capital and private equity investments.
Some analysts here, however, are already warning that too much speculative money is flowing into China, driving up the value of Chinese technology companies, and that many foreign investors will probably face huge losses in the coming years.
But some impressive success stories in the last year have helped fuel the China investing frenzy, particularly because China's technology, gaming, Internet and mobile telephone markets are booming.
This year, for instance, the Softbank Asia Infrastructure Fund sold its stake in Shanda Interactive Entertainment, the gaming company based in Shanghai, for more than $500 million after the company was listed on the Nasdaq stock market in 2004. Softbank had invested about $40 million in Shanda in 2003.
Doll Capital Management, another Silicon Valley venture capital firm, has also done well by investing in more than half a dozen Chinese companies.
Analysts said that Accel might be seeking the expertise of IDG's venture capital arm, which has already invested in more than 140 Chinese companies in the last decade.
Last year, venture capital firms invested nearly $1.3 billion, up nearly 30 percent from 2003, according to Zero2IPO, a venture capital research and consulting company based in Beijing.
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