Sinovation Ventures Raises 5 Million in Fresh Capital

ENLARGE Lee Kai-Fu, co-founder of Sinovation Ventures, in Hong Kong on July 30, 2015. Photo: Bloomberg News By Li Yuan Li Yuan The Wall Street Journal CANCEL Biography @LiYuan6 Updated Sept. 11, 2016 10:51 p.m. ET 0 COMMENTS HONG KONG—A Chinese venture-capital firm raised about 4.5 billion yuan ($675 million) worth of fresh capital as the country’s top venture firms are building up their cash piles amid a cooling environment for funding. Sinovation Ventures, co-founded by former Google Inc. and Microsoft Corp. executive Kai-Fu Lee, on Monday said it closed two venture capital funds aimed at deals. A new U.S. dollar-denominated fund of $300 million was raised from global investors; Apple Inc. supplier Foxconn Technology Group was the anchor investor. Sinovation Ventures also raised a new yuan-denominated fund of…

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