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  • 1. ChinaVest Inc. 中国创业投资有限公司 Friday, September 05, 2003 Summary  Started in 1980 by Robert Theleen and his wife Jenny Hsui as a finance advisory and investment service firm in Hong Kong, and in 1981 joined by Patrick Keen, Robert’s co-worker at the First Dallas Asia Limited which was the Hong Kong banking subsidiary of the First National Bank in Dallas.  ChinaVest was founded as a private equity fund in 1983.  Its management has 5 partners and one vice president (a Chinese nationality) in charge of China’s operation.  Headquartered in San Francisco with branch offices in Beijing, Hong Kong, Shanghai, and Taipei.  It is reported that they have US$ 300 million under management (with $100 cash holding). Their funding was from Ford Foundation, IBM Passion Funds, Bell Atlantic, John Hancock Insurance, University of California Regents, and ROC Taiwan Fund.  Most deals they invested were between $2 million to $5 million for early-stage companies or $5 million to $15 million for more mature companies.  The areas they have been interested are precision manufacturing, branded consumer services (such as franchise business), logistics and supply chain solutions including marketing and distribution, and telecom and information technology, as well as mass media as their new interested area.  It is reported that they have invested in more than 55 companies. Three of them went to public in NASDAQ, which are AsiaInfo(Asia),Eon Communications(EONC), a call center telecom hardware and software company, and Zindart(ZADT), a manufacturer of plastic and die-cast collectibles. Two companies were acquired by other public traded companies, and two are Hong Kong Stock Exchange listed.  Among them, the most successful one is AsiaInfo, an Internet systems integration services and telecom software developer, in which they invested US$ 7 million in 1997. The company went to public in NASDAQ on Mar. 3, 2000, and the share closed at $93, rose 287.5% over the IPO price that was $24 the first day.  They invested in two logistic companies in 2002, one in Shanghai and the other one in Beijing. They expressed explicitly they are interested in China’s logistic industry because China has become the manufacture center of the world and logistic is in high demand currently.  On their web site, they only listed 23 portfolio companies: 5 in precision manufacturing, 5 in branded consumer services including two franchisees: Domino’s Pizza and T.G.I. Friday in Taiwan and China, 3 in logistics and supply chain solution including one of the oldest marketing and distribution
  • 2. company, and 9 in telecom and information technology.  Among the 23 portfolio companies, 7 are based in China, 7 in Hong Kong, 4 in Taiwan, and 6 in US.  Two companies were reported to be their portfolio companies but are not mentioned on their web site. They are Portelco Communications (www.portelco.com) and Surfmonkey (www.surfmonkey.com), a Campbell, California-based Internet technology company offering safe children Internet browser.  They are the oldest venture capital investor focusing in China, and one of the top 50 most active venture capitalists in Asia selected by Forbes. Venture Funds  ChinaVest I closed 1985  ChinaVest II closed 1988  ChinaVest III closed 1989  ChinaVest IV closed 1993  ChinaVest V closed 1998  ChinaVest VI under consideration
  • 3. Portfolio: Precision Manufacturing (5) AlphaTop Holdings AlphaTop Holdings, acquired by Elitegroup (TSE: 2331) Manufacturer of notebook (Macintosh) computers Taipei, Taiwan Tripled its $3.5 million investment in 2 and half years. Arima Communications Manufacturer and designer of mobile handsets Taipei, Taiwan www.arimacorp.com Jackin International (SEHK: 0630) Manufacturer of blank media and CD replication services. Hong Kong, SAR PRC SHANGHAI REEFERCO Singamas Refrigerated Container Limited Manufacturer of refrigerated containers Shanghai, PRC Zindart Limited (NASDAQ: ZNDT) 鑫 达 公 司 Manufacturer of plastic and die-cast collectibles (includes Corgi Classics and Lledo), specialty books and packaging. Hong Kong, SAR PRC; Leicester, England www.zindart.com; www.corgi.co.uk In 1993, invested in $12 million, and 1998 provided more funding to acquire a Shenzhen company. Branded Consumer Services (5)
  • 4. Prime Credit (Advantage Holdings) Financial services company providing short term credit Hong Kong, SAR PRC www.primecredit.com.hk Virgin Asia Management 维 珍 ( 亚 洲 ) 、 Incubator of Virgin branded businesses in Asia and Greater China Singapore www.virginmobile.com.sg including businesses of recording, telecom, airline (Virgin Atlantic), hotel, beverage, etc. Virgin Asia Radio Limited Manager and operator of Virgin branded FM radio stations in Asia and Greater China Singapore Virgin Group of the U.K. launch a Chinese and an English radio station in Hong Kong as part of a plan to build a pan-Asian FM radio network. Virgin has agreed to an alliance with ChinaVest to open stations in Hong Kong, Taiwan, China, Singapore, and Thailand and India. Virgin Radio (Asia) holds 75% of shares and ChinaVest holds the rest. CVCS Holdings Franchisee of Domino’s Pizza in Taiwan and China Taipei, Taiwan, Beijing, PRC www.dominospizza.com.tw The Taiwan business was opened first, and then the model was moved to China. Quanta Holdings Franchisee of TGI Friday’s in Taiwan and Beijing Taipei, Taiwan; Beijing, PRC www.tgifridays.com.tw Taiwan’s T.G.I Friday’s was started by Sun Daqiang (宋大强) in 1991, and was sold its 90% of stake to Chinavest in 2002. Mr. Sun still holds less than 10% of shares. ChinaVest owns 57% of Beijing T.G.I. Friday's Restaurant Co., Ltd.. 2002 年 8 月中国创业投资有限公司从孙大强手中收购了其持有的星期五公司股权 。 2003 年,Friday's 一度扩充到 11 家连锁店。2003 年年 4 月、 月间受到了 SARS 严重 5 冲击,ChinaVest 随将其股权出售给了 Friday's 的美国总部卡尔松集团(Carlson)。 经此一变,台湾星期五餐厅由授权代理变为由卡尔森集团的分公司直接经营。
  • 5. Logistics and Supply Chain Solutions (3) CV Global Logistics 中创北京环球物流保税有限公司 Distribution and logistics center in Chao Yang Port, Beijing Beijing, PRC http://www.cvlogistics.com.cn/ In 1995 it started by ChinaVest’s subsidiary. ChinaVest holds 80% and a Beijing company (北京陆港国际物流有限公司) holds the rest 20%. Tait Asia Limited 德记洋行 Distributor of consumer goods (including Heineken, Evian, St.Dalfour, Volvic, RFSU) in Hong Kong and China. It was found by James Tait in 1845 in Xiamen China. Hong Kong, SAR PRC www.taitco.com.hk http://www.taitasia.com/ Tait’s parent company is IIarrisons&Cros-field and founded in 1867, and has more than 100 years history. Tait has 10 warehouses, 300+ trucks in China, the largest distribution network in China. In 1996, ChinaVest invested $5 million. Chic Logistics 上海熙可储运有限公司 Third party logistics provider in China Shanghai, PRC www.logistics-chic.com Invested in $ 3 million at the end of 2001. Telecommunications and Information Technology (9)
  • 6. AsiaInfo (NASDAQ: ASIA) 亚 信 Internet systems integration services and telecom software developer Beijing, PRC www.asiainfo.com E. M. Warburg Pincus, Chinavest ($7 m) and Fidelity invested $18 m in Dec. 1997. It went to public in NASDAQ on Mar. 3, 2000, and the share closed at $93, rose 287.5% over the IPO price that was $24 at the first day. Eon Communications (NASDAQ: EONC) Call center telecom hardware and software Kennesaw, Georgia www.eoncc.com Excel Technology (HKGEM: 8048) 志鸿科技国际控股有限公司(“志鸿科技”) Enterprise software for financial organizations Hong Kong, SAR PRC www.excel.com.hk In March 2000, Cheung Kong (Holdings), United Overseas Bank (新加坡大华银行有限公) and its managed venture funds and ChinaVest invested. It went to public in Hong Kong Stock Exchange on June 30, 2000. Stryon Microsoft to Java migration software and consulting services San Jose, California www.stryon.com In 2002, Stryon merged with Halcyon Software which was a portfolio company of ChinaVest. Its investors included ChinaVest and H&Q Asia. Mediostream DVD authoring consumer software San Jose, California www.mediostream.com In 2000, ChinaVest invested $6 million. NewTone Communications Softswitch telecommunications software developer Shanghai, PRC www.newtonecorp.com First round funding was invested by InveStar Capital and several angles from Silicon Valley in September 1999. Second round funding was from Vertex, ChinaVest, SI, Intel, and etc in 2001 (US$ 3 m to 7 m).
  • 7. Team Robert A. Theleen Group Chairman, General Partner and Founder Mr. Theleen co-founded ChinaVest in 1983. He began his career in 1973 with the First National Bank in Dallas. After serving as General Manager of the Singapore Branch, he organized in 1977 the bank's Hong Kong merchant banking subsidiary, First Dallas Asia Limited. In 1980, Mr. Theleen (and his wife) established the Dallas Pacific Group (predecessor to ChinaVest) to provide corporate finance advisory and investment services in East Asia to clients from the US and Europe, with a focus on China. Under his direction, ChinaVest's first private equity fund was launched in 1983. During this period in Hong Kong, he represented US oil company to negotiate with Chinese company to develop ocean oil projects in South China Sea. From his early experience with China, he realized the overseas Chinese with US education and experience are the group of people who can make business success in China. Mr. Theleen was educated at Duquesne University (B.A. in Philosophy) and John Hopkins University (studied Political Economics of China) and later received an MBA from the American School of International Management. Mr. Theleen serves on several corporate boards, including Zindart, NewTone Communications, and Virgin Asia Management. Mr. Theleen is also active in the wider community: he sits on the Board of Trustees of the Asia Society; is a contributing member of the Task Force on America's Role in Asia, a Brookings Institute sponsored group to investigate and propose US policy in Asia for the Bush Administration; and is active with the Young Presidents Organization and the Hopkins-Nanjing Center. Patrick L. Keen (Left) General Partner and Founder Mr. Keen co-founded ChinaVest in 1983. He began his career at First National Bank in Dallas in 1973. After serving in Dallas and London, came to Hong Kong in 1978 as Vice President/Manager of Marketing and Credit in First Dallas Asia Limited, the Hong Kong merchant banking subsidiary of First National Bank in Dallas. Thereafter, Mr. Keen joined the Dallas Pacific Group (predecessor to ChinaVest) in 1981 to provide corporate finance advisory and investment services in East Asia to clients from the US and Europe, with a focus on China. Mr. Keen was educated at the University of Texas at Austin, where he received both his BBA and MBA. Mr. Keen serves on the boards of Tait Asia and Virgin Asia Management.
  • 8. Jenny Hsui (Theleen’s Wife) 徐珍利 General Partner and Founder Ms. Jenny Hsui co-founded ChinaVest in 1983. Ms. Hsui started her career as an entrepreneur having founded and sold a number of companies involved in the manufacturing and logistics sectors of China. Thereafter, Ms. Hsui co-founded the Dallas Pacific Group (predecessor to ChinaVest) in 1981 to provide corporate finance advisory and investment services in East Asia to clients from the US and Europe, with a focus on China. Ms. Hsui is a graduate of the University of Singapore and has a postgraduate degree from l'Institut d'Etudes Politiques (Paris). Ms. Hsui serves on the boards of Beijing Global and Chic Logistics, and previously on the boards of Eon Communications and Surf Monkey. Ms. Hsui also serves on the Board of Catholic Charities, a non- denominational non-profit organization dedicated to helping the disadvantaged. (as of Friday, February 24, 2006) Robert Theleen Chairman and Co-CEO Mr. Theleen has been a pioneer in China’s venture capital industry. Formerly, he was Chairman, Chief Executive Officer and a founder of ChinaVest, the oldest American venture capital firm in Greater China. Founded in 1983, ChinaVest raised over US$300 million from leading American and European institutions, and invested in industries including light manufacturing, branded services, telecommunications and information technology. Mr. Theleen is currently a trustee of the Asia Foundation and serves on the Board of Directors of one of China’s leading state-owned enterprises. Wallace Mathai-Davis Deputy Chairman and Co-CEO Mr. Mathai-Davis brings to ChinaVest over 25 years of experience in emerging markets and building financial institutions in the United States. As a partner at Offitbank for 16 years, he was Chief Operating Officer and Chief Financial Officer and helped to build one of the premiere private banks in the United States with a total of $23 billion in administered assets. Mr. Mathai-Davis serves on leading corporate, educational and public policy boards in the United States and in the international community. Jenny Hsui President and Director Ms. Hsui is one of the most experienced private equity investors in China. With over 20 years of hands-on business experience in Greater China, she oversaw more than 25 of ChinaVest’s investments in the People’s Republic of China, and played an integral role in the organization and success of ChinaVest’s advisory business. Ms. Hsui currently serves on several corporate and non-profit boards in and outside of China.
  • 9. William P. Fuller Vice Chairman and Director Mr. Fuller joined the board of ChinaVest, Ltd. after a long and distinguished career in international development efforts. Mr. Fuller was president of The Asia Foundation from 1989 to 2004. In the 1980s Mr. Fuller served as deputy assistant administrator of USAID in Washington, and as director of USAID in Indonesia. From 1971 to 1981, Mr. Fuller was with the Ford Foundation in Thailand and Bangladesh. In earlier years, Mr. Fuller worked as an economist with the World Bank. In addition to serving on the board of ChinaVest, he serves on the boards of the Bank of the Orient in San Francisco, Orient First in Hong Kong, and Array Networks in Campbell, California. He is also a member of the Advisory Council of the Asian Development Bank Institute in Tokyo and is a board member of a number of non-profits with programs in Asia. Mr. Fuller received his B.A., M.A. and Ph.D degrees from Stanford University and an M.B.A. from Harvard University. Edgar M. Masinter Consultant Mr. Masinter brings to ChinaVest a distinguished career in corporate law in the United States. Mr. Masinter joined ChinaVest from J.P. Morgan Securities, where he was a Managing Director in the Investment Banking division, Financial Institutions Group. Before bringing his expertise to the financial services sector, Mr. Masinter spent 38 years at the law firm Simpson Thacher & Bartlett, where he served as head of the firm’s Corporate and Banking Departments and as Chairman of the firm’s Management Committee. Abraham Wei Senior Managing Director Mr. Wei brings vast operations expertise and over 20 years’ management experience to ChinaVest. His professional career includes over eight years at Ascend Communications, one of the fastest-growing companies in technology history. At Ascend Mr. Wei served in various executive operational roles, including Vice President of Manufacturing Operations and later as Vice President of Worldwide Sales Operations, where he managed the growth of sales revenues to a $2 billion run rate. After Ascend merged with Lucent technologies in a $24.4 billion transaction, the largest technology transaction to date at the time, Mr. Wei helped to integrate the two companies. Edward B. Collins (Left) General Partner Mr. Collins joined ChinaVest in 1995. Prior to joining ChinaVest, Mr. Collins was a partner with McCutchen Doyle Brown & Enersen, a law firm in San Francisco, where he served as legal counsel for many leading Hong Kong and Taiwan based corporations and individuals. Mr. Collins began his career at Morgan Guaranty Trust Company and later served as the Hong Kong representative for Republic National Bank of Dallas with responsibility for Hong Kong, Taiwan and China. Mr. Collins is a graduate of Boston University (BA), George Washington University (MBA) and The American University Washington College of Law (JD).
  • 10. Mr. Collins serves on the boards of Mediostream and Single Chip Systems, amongst others and also serves on the Board of Directors of the ROC Taiwan Fund. Michael Brownrigg (Left) Partner Mr. Brownrigg joined ChinaVest in 1997. Prior to joining ChinaVest, he served for 12 years in the US Foreign Service, the bulk of which was spent negotiating international trade agreements in intellectual property, telecommunications, aviation and market access. From 1988 to 1992, he served at the US Trade Representative's Office in Washington, DC including tenure as Special Assistant to Ambassador Carla Hills. Mr. Brownrigg is a graduate of Williams College with degrees in Economics and German. Mr. Brownrigg serves on the boards of Stryon Software, SCS Systems and is Chairman of the Board of ServGate Technologies. Michael Brownrigg, ServGate 董事会主席 ServGate 是整合式模块化网络安全平台的领先提供商,专业为中小型企业及分散型企业提供解决方案 。 EdgeForce 系统在单一硬件平台中按模块化和可升级的方式整合多种安全服务(包括病毒过滤、垃圾邮 件过滤、 网址过滤、 攻击保护、 网页缓存、防火墙和虚拟专用网等),从而降低与从多个供应商处找寻、 安 装和维护不同安全应用产品相关的成本和复杂性。 ServGate 全面上下文检查技术可分析和过滤网络流量 的全部组成部分,从而提供一台安全设备所能提供的最深度混合式保护。 ServGate 公司总部位于加利福 尼亚米尔皮塔斯,在加拿大、 意大利、英国、德国、中国、 新加坡和日本有办事处。 更多有关 ServGate 的信 息请致电 010-8458-5865 或访问 Jun Zhao (Left) 副总裁赵军 Vice President and Beijing Representative Mr. Zhao joined ChinaVest in 2000. Mr. Zhao is responsible for coordinating deal sourcing and due diligence for ChinaVest's China related investments. He is also active in the wider community on behalf of ChinaVest. Mr. Zhao received an MBA from the Yale School of Management and a PhD in Civil Engineering from the University of Houston. He serves on the Board of Newtone Communications. ChinaVest (中国创业投资有限公司) 副总裁, 美国工程学博士, 耶鲁大学 MBA, 多年欧美跨国公司管理经 验及公司兼并与重组经验。
  • 11. Monique S. H. Lau 刘罗少红 (Left) Former Partner and COO Ms. Lau joined ChinaVest in 1997. Prior to joining ChinaVest, Ms. Lau was Group Head of Corporate Banking at Citibank in Hong Kong, where she oversaw major financings for numerous leading Hong Kong companies. Ms. Lau's career at Citibank spanned over 14 years. Ms. Lau is a graduate of University of Hong Kong with a Bachelor of Social Sciences, majoring in Economics and Statistics. She serves on the board of Advantage Holdings and works closely with Jackin International and Excel Software. Felix Wong (Left) Former Vice President Mr. Wong joined ChinaVest in 2000. Prior to joining ChinaVest, Mr. Wong served five years in the capacity of New Business Development in Asia for Universal Studios, during which time he spearheaded the development of Universal Studios' "Experience-Beijing" attraction, the first entertainment project to be built in the PRC by a major Hollywood studio. Mr. Wong has a Bachelor of Arts degree with Honors in International Economics with a minor in Chinese Classical Literature from the University of California at Davis. Web Links: 1. ChinaVest Company Web Site: http://www.ChinaVest.com/ 2. ChinaVest Diary: very comprehensive information regarding to ChinaVest. http://www.globalprovince.com/chinaindex.htm http://www.globalprovince.com/chinavest_diary.htm

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