New home-grown VC funds in Tianjin

China is set to approve as many as 10 domestic venture capital funds in Tianjin's Binhai New Area, the Financial Times reported. The funds, led by the Yindao Fund, which will have US$260 million to invest in innovative Chinese companies. The funds, together worth US$2.6 billion, are intended to boost the development of the new development zone as well as advance a domestic venture capital industry in hopes of rivaling foreign funds. The project will "allow China’s own Samsungs and Motorolas to transform themselves from cats into tigers," said Ni Xiangyu, vice chairman of the Tianjin Economic-Technological Development Area.