It will actually come out to be almost $6.7 AUD
Also check out this article which I used Google Translate for:
Not only Eran Zehavi: Opportunities for Israeli entrepreneurs in Guangzhou
Government representatives of China's third-largest city inaugurated the first economic representation in Israel, which will connect Chinese companies to Israeli companies and invest $ 100 million in Israeli start-ups
Footballer
Eran Zahavi is not alone in
taking advantage of opportunities in Gwangju : officials from China's third largest city, was inaugurated today (Tuesday) The first economic representative office in Israel, which will focus on the connection between investments in Chinese companies and assist Israeli companies to joint business ventures with Israel. In this framework, $ 100 million was raised for investment in Israeli start-ups.
Founded in Tel Aviv by a group headed by former Chief Scientist Dr. Shuki Gleitman, which operates in Guangzhou in cooperation with the local government, the group established a life sciences investment fund
"Guangzhou Sino-Israeli bio-industry investment fund", which raised about $ 100 million from the government in Guangzhou and two Chinese government companies.
The signing of the fund agreements this morning in Tel Aviv
The fund, which includes Israeli and Chinese experts, invests in companies, accompanies them and assists them in their activities in the Chinese market. Companies interested in investment will be able to join the incubator level and develop and establish ties with government, companies and businessmen in Guangzhou.
The fund's investment model is the establishment of a Chinese subsidiary in Guangzhou for the Israeli technology company together with the fund, as the local Chinese partner. The Chinese subsidiary, which will be granted technology rights for the Chinese market, will remain under the control of the Israeli parent company. The fund will finance the activities of the Chinese subsidiary and will help it penetrate China and meet local regulatory requirements.
Guangzhou Province is opening an economic delegation in Israel
Since its establishment, the fund has completed its first investment deals in four Israeli companies: InMode, the medical company, G-Medical, the company that develops and sells orthopedic implants from composite materials (carbon fiber) and OB Tools, Pregnancy and Birth.
Guangzhou, with a population of about 25 million, is the capital of Guangdong, the richest province in China with 110 million residents. "We are going to help Israeli companies penetrate the huge Chinese market," Gleitman said, adding that "China is hungry for innovation - in high-tech, in biotech, in agro And there is no better place to look for innovation than Israel.
http://www.ynet.co.il/articles/0,7340,L-4972105,00.html
