DragonVenture Chosen by Shenzhen’s North American Representative Office as Partner in Silicon Valley

Palo Alto, California, September 27, 2002

Silicon Valley Based cross-Pacific venture capital and consulting firm DragonVenture announces today that the North American Representative Office of Shenzhen (NAROS) has chosen DragonVenture as a partner. In addition, NAROS also selects DragonVenture’s northern California headquarters as the Silicon Valley base for NAROS.

This major development is another indication that DragonVenture has established strong ties with the rich southern province of Guangdong in China. Earlier this year, DragonVenture was appointed as the consulting agency of record by the city of Dongguan, a major manufacturing base city in the province of Guangdong. Previously, DragonVenture signed significant collaborative deals with Shenzhen Venture Capital and Canton Venture Capital to co-manage venture and M&A funds.

Shenzhen is the fastest developing city in China, ranking at the top among mainland Chinese cities in terms of comprehensive economic power. From 1980 to 2001, Shenzhen’s annual increase in GDP averaged 29.5%. In year 2001, Shenzhen ranked fourth in GDP among mainland Chinese cities. For the past 9 consecutive years, Shenzhen has ranked No. 1 in import and export volume.

NAROS is a California registered non-profit organization representing the City of Shenzhen for promoting business exchanges and activities between the US and Shenzhen. Based in Los Angeles, NAROS sees the need to expand its presence in the US, especially into the heart of high-tech base - Silicon Valley.

“It is definitely a win-win scenario for both NAROS and DragonVenture.” said Andrew Pan, the Chief Representative of NAROS. “We will capitalize on each other’s strengthens and resources to help strengthen this ever increasingly important and busy bridge between China and the United States.” “We are honored to have NAROS set up their Bay Area branch at our headquarters.” added Tony Luh, DragonVenture’s Managing Director. “As the US economy shows no sign of immediate recovery, Shenzhen offers tremendous opportunities for US businesses to explore there. DragonVenture, in collaboration with NAROS, would be extremely happy to assist US entities that have an eye for the potentials in Shenzhen.”