China’s First Bitcoin Fund Launches Fundraising

Stcn.com 29 May 2013
China’s first Bitcoin fund is in the process of raising fund. However, legal experts warned that Bitcoin fund is highly risky either in its form of organization or in its investment target.
A Bitcoin fund has held road shows in Shenzhen, Guangzhou and Shanghai. Its sponsor Li Xiaolai has been a teacher of New Oriental, and one of Chinese people who have contacted and invested in Bitcoin earlier. He said he holds six-digit Bitcoin now, and has received at least hundreds of times of earnings due to the sharp appreciation of Bitcoin. Currently, Li Xiaolai mainly makes investments and researches for “miners”.
It is shown that the total fund is RMB20M (around $3.26M). Individual investors should invest at least RMB100,000 (around $16,300) each. Li Xiaolai invested RMB200,000 and took 1% of the fund. The rest is supposed to be funded by less than 200 investors.
Source: http://news.stcn.com/2013/0529/10510709.shtml