Siemens Financial Services (SFS), a subsidiary of the eponymous Germany-based industrial conglomerate, has set up a China domestic corporate venturing vehicle for local currency deals.
SFS will now be able to make both US dollar offshore and Renminbi (RMB) onshore corporate venturing deals having first set up an office in China’s capital, Beijing, in 2006.
Siemens Venture Capital Company will make RMB onshore venture deals in four sectors: energy, healthcare, industry and infrastructure and cities.
Madeline Song, head of Asia Australia at SFS’s venture team, and Klaus Grünfelder, the unit’s global chief financial officer, have been respectively appointed chief executive and CFO of Siemens Venture Capital Company.
Song said: “SFS’s positive experience created us a lot of confidence in the Chinese market. We will work closely with the local entrepreneurs and proactively participate in the innovations in China.”