Shanghai Industrial Holdings Ltd (SIHL), a Hongkong-listed red-chip company supported by the Shanghai Municipal Government, is organising a technology venture capital fund with Temasek Holdings (Pte) Ltd, the investment arm of the Singapore Government and Vertex Management, the venture capital arm of the Singapore Technologies Group. The fund, called S.I. Technology Fund, will invest in high growth hi-tech projects in Shanghai and greater China.

2. The fund has identified the following sectors that have growth potential: e-commerce infrastructure, info-communications technology, life sciences and microelectronics. SIHL, Temasek and Vertex have agreed to commit an initial amount of US $20 mil to the fund. At a later stage, the fund size will be increased to US $50 mil to allow the participation of additional major foreign investors.
3. Mr Zhuo Fu Min, Chief Executive Officer of SIHL, Mr Quek Poh Huat, President of Temasek Holdings, and Mr Lee Kheng Nam, President of Vertex Management signed the agreement on 24 March 2000 in Hong Kong.
4. Mr Zhuo said: "China, especially Shanghai, is entering an exciting phase in its economic development. There are many opportunities for investing in high growth companies or projects. This collaboration with our Singapore friends is timely. We are confident that the participation by the Singapore group will make this technology fund a leading international fund."
5. Mr Quek agreed: "We are pleased to partner with Shanghai Industrial Holdings to tap the many hi-tech investment opportunities in Shanghai and the rest of China. We continue to seek new areas of collaboration not only in Shanghai, but in other parts of China as well."
6. "Vertex is very excited about this fund. Drawing on our extensive experience in fund management and in funding start-up and growth companies, we hope this fund will in turn contribute to the further growth of the Shanghai economy. This collaboration provides Vertex with yet another avenue to expand our investment activities in China", commented Mr Lee of Vertex Management.
7. Shanghai Industrial Holdings Ltd (SIHL) is a subsidiary of Shanghai Industrial Investment (Holdings) Co. Shanghai Industrial Investment is the leading window company of the Shanghai Municipal Government. Besides providing the parent company with access to international capital markets, SIHL also offers investment opportunities in Shanghai to overseas investors.
8. Temasek Holdings is Singapore's leading investment holding company. It owns and manages the Singapore Government's investments, both locally and overseas.
9. Vertex. It  Management started in 1988 as the venture capital arm of Singapore Technologies Group. It has become a global venture capital firm with over US$600 million under managementis headquartered in Singapore and has offices in Silicon Valley in the United States, London and Taipei.

For media enquiries, please contact:

Derek Fung
Head, Corporate Communications
Shanghai Industrial Holdings Ltd
DID: (852) 2821 3919
Pager: (852) 7201 1652
e-mail: fungkm@sihl.com.hk

Eva Ho (Ms)
Manager, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: (65) 6828-6763
FAX: (65) 6828-6263
e-mail: evaho@temasek.com.sg