TOKYO, JAPAN, December 8, 2003 --- NTT DoCoMo, Inc. signed an agreement today with the Gobi Fund, Inc (the "Fund"), a venture capital fund operated by Gobi Partners, Incorporated. Under the agreement, NTT DoCoMo will invest US$10 million (approximately 1.1 billion yen) in the Fund this month.
The Fund will target venture companies mainly in China that work with content in digital media fields such as telecommunications, Internet and broadcasting. Investment activities will begin this month.
With a rapidly growing Chinese economy, NTT DoCoMo expects to develop new businesses and technical tie-ups with Chinese partners along with a reasonable return on its outlay within the swiftly expanding telecommunication-related market.
The Gobi Fund was established in the Cayman Islands, and is targeting a final close of US$75 million. The Fund will operate for eight years, with the possibility of two additional years.
The headquarters of Gobi Partners is located in the British Virgin Islands and its subsidiary has been set up in Shanghai. Both the Gobi Fund and Gobi Partners are operated by Wai Kit Lau, Thomas G. Tsao and Lawrence Tse.
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