$120 million investment partnership between China and NZ

Media Release – for immediate distribution

Wuhan, China & Wellington NZ: 11 May 2011

A $120 million investment partnership between China and NZ was announced today.

The parties are Wuhan Venture Capital Co Ltd (HUSTVC) based in Wuhan, China and Endeavour Capital Ltd (Endeavour) based in Wellington.

The partnership provides for joint 50/50 investment on an international basis, including NZ, into companies that need additional equity to achieve scale for competing in world markets. In making the announcement the Chief Executive of HUSTVC, Joanna Lee, said “this is a very important partnership as it brings together world class companies, plus research and development from two complementary regions. The mutual benefits to be gained far outweigh the results that would otherwise be achieved by each operating independently.

The partnership gives meaning to the relationship that was established by the Wuhan-Christchurch sister city protocol. Prof Eugene Feng, Economic Relations Manager–Asia at Canterbury Development Corporation (CDC) was instrumental in bringing the parties together.

“We are thrilled that after years of relationship-building and negotiating this deal has come to fruition, as it will bring ongoing benefits to Christchurch, Canterbury and New Zealand for many years to come,” says CDC Acting CEO Gerard Quinn.

The Chair of Endeavour, Neville Jordan, said “this partnership is further evidence that offshore partnering is one of the best ways to provide funding for companies that are growing to meet international opportunities. It follows on from the large research agreement reached between the King Faisal Hospital and Research Centre in Saudi Arabia and Endeavour, announced just two weeks ago.

Endeavour is raising a Sustainable Investment Fund via a listed company on the Deutsche Bourse Frankfurt stock exchange and this new agreement is integral to the overall strategy of international operations”.

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