Corporate bits | CEM to hold 4th solar car race

Companhia de Electricidade de Macau (CEM) will hold the 4th annual edition of its “Solar and Capacitance Model Car Races” competition at Coloane Power Station, with the goal of teaching local secondary students about renewable energy.
The competition will be held on September 25 and will involve the participation of nearly 500 students, representing 19 local schools, across 95 teams, according to a statement from CEM.
The event is co-organized by the Macau Youth Federation, the General Association of Chinese Students of Macau and the Youth Center of Macau Federation of Trade Unions.
In order to prepare the students for the competition and provide them with all the necessary information to build their cars, a half-day workshop was held on September 10.
The top five teams of the solar model car race will be awarded with MOP 3,000, MOP 2,000, MOP 1,000, MOP 800 and MOP 500 respectively, along with award certificates, plus a trophy for the top three teams. The teams that rank from 6th to 10th position will also receive award certificates.

Google’s former China chief raises usd674m in new funds

Sinovation Ventures, the venture capital firm founded by former Google Inc. executive Kai-Fu Lee, has raised more than USD674 million for two new funds that will seek out investments in China and the U.S.
The firm formerly known as Innovation Works recently closed its second yuan-denominated fund and its third U.S.-dollar fund, taking the total amount under management to more than $1.2 billion. The seven-year-old investment outfit now plans to add to a portfolio of almost 300 startups that include app store Wandoujia and Meitu, a developer of selfie apps that’s close to listing in Hong Kong.
“The new dual–currency funds will strengthen our investment capacity,” Lee said in a statement. “Sinovation Ventures has investment teams both in China and in the United States, that could grasp pivotal investment opportunities in the two countries.”
Lee’s firm operates in a manner similar to Y Combinator Inc., the American startup incubator. Its successful fundraising comes as venture capital investment cools after 2015’s record pace. Chinese-based venture capital firms raised just $400 million in the second quarter, the lowest figure in almost three years, according to London consultancy Preqin Ltd.