Infinity Group, an RMB fund pioneer and the leader in cross border China RMB and dollar private equity funds, announced that it has signed three agreements with Tianjin, China, establishing a life science fund, an accelerator and a joint venture. A total of 220 million RMB (approximately US$33 million) thus far has been invested by Infinity and its partners in the life science fund and accelerator.
Infinity Group has launched the new Tianjin Israel Life Science Fund in cooperation with fellow investors Tianjin Venture Capital Co., Ltd., the Tianjin Economic and Technological Development Zone, Tianjin Mingxuan Investment Co., Ltd and Tianjin Tianying Venture Capital Management Co., Ltd. The mandate of the fund is to invest in life science companies in China.
Together with Chase Sun Pharmaceuticals and Tianjin VC, Infinity Group has also co-founded the Tianjin Israel Chase Sun Accelerator. The accelerator will focus on developing and commercializing innovative medical devices and pharmaceuticals, from Israel, the U.S. and Europe, for the Chinese market. Chase Sun is publicly traded on the GEM (Growth Enterprises Market) board in Shenzhen, China, and is a leading pharmaceutical manufacturer.
Infinity Group also announced that its portfolio company Power Paper and Tianjin Masterwork Machinery Co., Ltd. have entered into a joint venture to develop packaging applications based on Power Paper's printable batteries. The JV will also have the right to manufacture Power Paper's batteries.
The announcements were made during a signing ceremony at the King David Hotel in Jerusalem attended by a large delegation of prominent businessmen and senior government officials visiting from Tianjin, led by Tianjin Municipal Government Party Secretary Mr. Zhang Gaoli, who served as the master of ceremony.
"Tianjin is a very important city and platform. It is the fourth largest city in China and one of the four cities that operates under the central government. For these and many other reasons, life science partnerships are strategic and worthwhile both economically and socially," said Mr. Avi Fischer, co-CEO of Clal Industries and Investments, Deputy Chairman of IDB Group and chairman of Infinity Group.
"The medical services and device sector has and continues to be a major focus of interest at Infinity Group. The Chinese government continues to upgrade the medical services and technologies available in China. Israel is a world leader in life science innovation and a prime source for proven IP and advanced technologies for Chinese entrepreneurs and Chinese companies interested in licensing and developing the technologies for the Chinese market. The news announced today marry these like interests and play a major part in the economic package of cooperation between Israel and the Tianjin Municipal Government," said Mr. Amir Gal-Or, managing partner of the Infinity Group and Infinity I-China.
