American Plug and Play and Hazens Jointly Initiated Cross-border Project Fund at Longgang, Shenzhen

Author:Hazens    Time:2017.01.18    Views:5511


On January 17 (US local time), Hazens, a real estate company from Shenzhen, and Plug and Play Tech Center (“PNP”) from the USA executed the strategic partnerships agreement at the PNP head office in the Silicon Valley. The two parties will cooperate in multiple projects in the hi-tech field, as well as founding a venture capital fund, which will be invested in several hi-tech projects in Shenzhen based on the global project resources of PNP.

Yuan Fuer, board chairman of Hazens, disclosed at an interview that the PNP & Hazens (Shenzhen) Cross-border Project Industrial Base jointly founded by Hazens and PNP, will be located at Shenzhen Longgang Longteng Industrial Base and provide a platform of investment and financing for the cross-border projects incubated by PNP.

Renowned as the earliest and largest incubation accelerator around the world, PNP has incubated such world-class enterprises as Google, PayPal, Logitech, Lending Club and Dropbox, each having a market value of over ten billion USD.

Rahim Amidi, cofounder and board chairman of PNP, highly recognized the world-leading hi-tech innovation capabilities of Shenzhen, holding that PNP, having incubated more than 700 scientific and technological enterprises, had sufficient experience and capacity to assist the development of Chinese hi-tech innovation enterprises.

“In the tremendous market of China, our cooperation fund will further seek for proper investment projects that closely integrate the American strength with the Chinese opportunities to jointly create the future of high and new technologies.”

So far, PNP has entered 8 cities in China such as Beijing, Shanghai and Suzhou, investing in and incubating over 80 Chinese venture enterprises in total. Its cooperation with Hazens will deepen its layout of investment in China, meanwhile mark a new driving force to the startups and innovation of Shenzhen.

PNP has provided incubation and acceleration services for up to one thousand startup companies, many of which have a market value of over ten billion USD, including the angel investment in Google, the largest search engine worldwide, that returned a huge profit to PNP.

Dr. Shawn Chen, cofounder and board member of PNP, introduced that PNP established a “plug and play” platform to help large enterprises search for small businesses in R&D and technical cooperation. He said that as PNP was devoting greater efforts to cross-border projects, he was very happy to enter Shenzhen, which had the greatest innovative capacity, with this cooperation project located at Longgang Longteng Industrial Base to build up an international bridge for innovation enterprises.

Chen Guangwen, deputy head of Longgang District, also considered that PNP would transplant high-quality startup resources to Shenzhen, adding new power to the incubation of innovation projects in the Silicon Valley mode. He hoped that Hazens and PNP would jointly bring in outstanding international enterprises and set up an excellent platform of credit and fund with the support of the innovation and startup strategy of Shenzhen.

The two companies will first cooperate in building the PNP & Hazens Cross-border Industrial Base located at central Longgang District, adjacent to the Longgang University Town which gathers tens of world-top universities such as the Chinese University of Hong Kong, Shenzhen MSU-BIT University and Shenzhen JLU-UOQ University, where several tens of thousands of students can study. This base is intended to become a new Shenzhen innovation center with prestigious domestic and overseas universities, scientific research institutions and enterprises as the holding body, and biology, internet, new energy, cultural creativity and new-generation IT as the key fields.

According to the agreement, Hazens and PNP will jointly establish a cross-border venture investment fund, which will be invested mainly in the excellent global cross-border projects at Longgang, Shenzhen. Upon cooperation, the two parties plan to set up operation teams in America, whose members consist of professionals designated respectively by Hazens and PNP. PNP intends to establish a specific office area in the Silicon Valley financed by the fund to search for excellent investment projects; and the two parties also formulated a 90-day work schedule and immediately initiated the planning and implementation of the projects.

As data shows, Shenzhen is the Silicon Valley of China, where world-famous hi-tech enterprises such as Huawei, Tencent and DJI were born. From 2017, Shenzhen will carry out the “Ten Actions Plan” to arrange the layout of the new-round development of the innovation drive and the industrial upgrade, including the construction of ten manufacturing innovation centers and the implementation of the “internet+” and “Made in China 2025” action plans.

Hazens, as an integrated group with real estate as a foothold and involved in finance, health care and hotel tourist business, has rich experience in real estate development, and currently possesses three industries distributed in overseas markets: In 2013 Hazens successfully acquired the Sheraton Gateway Los Angeles Hotel and put it into operation after upgrade and renovation; in 2014 it acquired the Luxe City Center Hotel in Los Angeles; in 2015 it successfully acquired the parcel of CBD in San Gabriel, Los Angeles, an overseas Chinese community, where a HOPSCA project would be built.

“Hazens expects to interface with global enterprises advanced in such aspects as the sensitivity and corresponding to international markets, integration and allocation of high-quality resources, management experience and internationalized capital operation.” said Yuan Fuer, who hoped that the cooperation with PNP would bring in the innovation system of the Silicon Valley and build up suitable atmosphere for startups and an innovation platform in Shenzhen for outstanding enterprises all over the world.