Kai-fu Lee, Google's former China chief, on Monday unveiled details of a $115m venture capital fund that aims to create five successful Chinese start-ups a year in internet and mobile internet businesses or in vast hosting services known as cloud computing.
Mr Lee, who last week ended a four-year tenure as president of Google's operations in China and has also worked at Microsoft, is one of the most prominent figures in the Chinese internet sector.
He runs a popular website, www.kaifulee.com, to help Chinese youths gain careers in IT and his personal blog, in which he wrote about his decision to leave Google, is widely followed.
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