China and UK minds converge on new venture

A venture capital platform, dubbed Pitch@Palace China Club, was launched in Beijing on Wednesday, in a bid to promote innovative cooperation between China and the United Kingdom.

The parent venture, Pitch@Palace, was established by Prince Andrew, the Duke of York, aiming to bring together global industry leaders from various fields o provide entrepreneurial guidance for startups.

The Pitch@Palace China project will provide opportunities to Chinese entrepreneurs participating in the final in the UK. It will also introduce entrepreneurial projects from Pitch@Palace UK, providing support and helping implement strategic plans in China.

"I am hugely proud to be invited to bring Pitch@Palace to China. The Pitch@Palace China Club will enable, encourage, showcase and develop Entrepreneurs both in China and the UK and build important links between our two countries," the Duke said.

Li Guangrong, Chairman of the Pitch@Palace China Club, said: "The club will provide strong support for outstanding entrepreneurs in terms of resources, platforms, opportunities, mentors and funds. More importantly, we will launch a venture fund for selected startups, offering funding and financial support."

Over the past three years, the Pitch@Palace project has supported hundreds of entrepreneurial projects across the world. Among them are several projects acquired by leading international companies, such as Apple and Twitter, garnering more than 240 million pounds ($293 million) from investors.

After the official establishment of the Pitch@Palace China Club, a series of follow-up activities will be launched regarding aligning entrepreneurial resources and markets between China and the UK.