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CNIT enters into strategic agreement with USD1.6bn Shenzhen Capital Group

China Information Technology (CNIT) has entered into a strategic agreement with Shenzhen Capital Group Co.

Under the terms of the agreement, Shenzhen Capital will collaborate with the Company in exploring new investment opportunities in the cloud computing technology space. It will also assist the Company on an as-needed basis with its market expansion throughout China.

As a leading venture capital firm in China, Shenzhen Capital has RMB10.0 billion (USD1.6 billion) of assets under management. Shenzhen Capital has helped over 500 portfolio companies grow in sectors ranging from information technology and telecommunication to pharmaceutical and new material. The Shenzhen Capital investment team consists of nearly 200 professionals, 40% of whom hold doctorate or dual master degrees. Its major shareholders include Shenzhen State-owned Assets Supervision and Administration Commission.

Jiang Huai Lin, Chairman and CEO of CNIT, says: "We are excited to have Shenzhen Capital as our strategic partner. Working together, we will stay abreast of the latest development in cloud computing technology and stay on the cutting edge of innovation. Shenzhen Capital's financial prowess can help us greatly shrink our time to market and accelerate our speed of expansion. More importantly, its domain expertise and industry connections in information technology can help us quickly cross the chasm of market demand and pave our way towards steady and sustainable growth."

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