Kai-Fu Lee floats 800m yuan fund
Google's departing China head, Kai-Fu Lee, said yesterday that he plans to form an 800 million yuan fund to invest in hi-tech startups.
Young Chinese entrepreneurs would be able to obtain "angel funding" to develop their ventures, said Lee, who announced his decision to exit the Internet search giant last Friday.
WI Harper Group will be the lead investor in Innovation Work, the fund headed by Lee, according to a statement. Other investors include Steven Chen, the Youtube co-founder, Foxconn Technology Group, Legend Group and New Oriental Education & Technology Group.
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