Legend Capital and DCM-Doll Capital Management Partner to Provide Mutual Access to Start Up Companies in China and the U.S.

MENLO PARK, Calif. & BEIJING--(BUSINESS WIRE)--April 19, 2005--Legend Capital and DCM-Doll Capital Management, two top venture capital firms from both sides of the Pacific Ocean, today announced a strategic partnership which will allow both firms to mutually seek out and participate in IT investments in the U.S. and China. As part of the partnership, DCM co-founder and managing general partner David Chao joined Legend Capital's board of directors and DCM made an undisclosed investment in LC Fund II, a $55 million fund that closed in December 2003. The fund is focused on start-up and expansion stage investments in the IT industry. In addition, Legend Capital managing director Zhu Linan joined DCM's advisory board.

In a separate press release today, the two firms disclosed a Series A investment in Worksoft Creative Software Technology, Ltd., a Beijing-based software development services company. This investment marks the third co-investment the firms have closed together in the U.S. and China to date.

“By partnering with a firm with a track record like DCM's, we are setting up an investment team that has proven success in bringing U.S. and Chinese firms to market.”

Longtime collaborators, today's announcement marks one of the first formalized strategic partnerships between a Silicon Valley-based venture capital firm and a Chinese venture capital firm. Legend Capital is the Beijing-based venture capital arm of Chinese IT conglomerate, Legend Holdings, the parent company of Lenovo Group Ltd which recently bought the PC division of IBM, and Digital China, the largest IT distributor/integrator in China.

"As China's private sector continues to grow at an extraordinary pace, our mission at Legend Capital is to provide meaningful contributions to the development of the high-tech industry and to seed high growth companies in China," said Legend Capital Chief Executive Officer and managing director Zhu Linan. "By partnering with a firm with a track record like DCM's, we are setting up an investment team that has proven success in bringing U.S. and Chinese firms to market."

DCM is an established, top-performing early stage venture capital firm with proven investment successes in the U.S. and in Asia. In the last year, two of DCM's China investments, 51job (Nasdaq:JOBS) and SMIC (NYSE:SMI) completed successful IPOs, as well as one of their Japan investments, Kabu.com (TSE:8703). DCM has made three new investments in China since the beginning of the year.

"We spent two years looking for a hands-on premier China-based partner, and we found our ideal partner in Legend Capital," said DCM's managing general partner David Chao. "With China experiencing such explosive growth, there are major opportunities for established firms like DCM and Legend Capital to fund great entrepreneurs to build world-class companies."

About Legend Capital

Founded in April 2001, Legend Capital is an independent venture capital subsidiary of Legend Holdings Ltd. focused on driving high-growth IT investments in China and China-related companies at the start-up and expansion stages. Managing over US$100 million and with 30 investments across two funds under management, successful investments include Joyo.com (acquired by Amazon.com) and SinoCom Software Group Ltd. (HKEX:299). Legend Capital invests in companies in digital media and consumer electronic products/services, IC design/key components, Internet-related products/services, wireless SP and outsourcing, as well as non-IT industries. Legend Capital provides its portfolio companies extensive business resources to assist with business development, company image building, and other critical company building activities in the China market. Visit Legend Capital's website at http://www.legendcapital.com.cn/.

About DCM-Doll Capital Management

DCM is a top-performing venture capital firm supporting entrepreneurs building early stage technology companies. DCM manages over $1 billion and has funded leading technology companies including 2Wire, 51job (Nasdaq:JOBS), About.com (Primedia), Foundry Networks (Nasdaq:FDRY), HireRight, Internap (AMEX:IIP), IPivot (Intel), Kabu.com (TSE: 8703), nQuire (Siebel), PGP Corporation, Recourse Technologies (Symantec), SMIC (NYSE:SMI), and Sigmatel (Nasdaq:SGTL). DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim's leading companies and investors. Visit DCM's Website at www.dcmvc.com.