Kai-Fu Lee Forms Chinese Business Incubator

Kai-Fu Lee, who last week resigned as president of Google China, has launched Innovation Works, an incubator for Chinese IT startups. It has been funded with $115 million, including from lead investor WI Harper Group. Other backers include Steve Chen (co-founder of YouTube), Terry Gou (chairman of Foxconn), Liu Chuanzhi (chairman of Legend Group) and Yu Minhong (chairman of New Oriental).

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