Chongyou IT to Seek Venture Capital

Reuters, 5/27/09

Nie Neng, chairman of TD-SCDMA chipset and terminal developer Chongqing Chongyou Information Technology Group, says Chongyou IT plans to bring in as much as RMB 300 mln in venture capital next year, with plans to list domestically within the next three years.

Nie said a number of VCs, including the Shenzhen Capital Group, are in talks with Chongyou IT, but that owing to current deficiencies with the product line, Chongyou IT believes that the time is not yet right, and plans to begin investment talks in H1 of next year. The capital Chongyou IT raises will be used for expansion and acquisitions of smaller companies.

Keywords: handset chip Chongyou IT Nie Neng Shenzhen Capital Group TD-SCDMA wireless 3G IPO VC

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