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Israel-China Fund invests $73m in Chinese IT company

(Xinhua)
Updated: 2008-09-04 10:03

Israeli Infinity I-China Fund announced Tuesday that it has led a $73 million investment together with China-Singapore Suzhou Industrial Park Ventures Co Ltd (CSVC) in Digital China Information Technology Service Co Ltd (DCITS).

"DCITS is the largest and most prominent company in which the Infinity I-China Fund has ever invested. Our $15 million investment in DCITS makes Infinity a partner in this great company," said Avishai Silvershatz, managing partner of the Infinity I-China Fund.

"Moreover, this deal marks a major milestone in Infinity's implementation of its core strategy, essentially investing in leading Chinese companies which can also help Israeli and other foreign companies penetrate the Chinese market," he said.

Avi Fischer, deputy chairman of IDB Group and chairman of the board of the Infinity I-China Fund, said that "the investment marks another major step in building our presence in China and in advancing the cooperation between Israeli and Chinese companies."

Infinity, founded by Israeli Clal Industries and Investments Ltd from the IDB group, is one of the leading Israeli-related funds managing more than 600 million US dollars and a portfolio of 45 companies. Since June 2005, Infinity has had 14 successful exits.

DCITS, a leading provider of Information Technology (IT) services in China, is a spin-off of Digital China (DC), the leading domestic IT company in China, which distributes a vast range of IT products through a network of more than 9,000 resellers and agents across the country.