China Mobile was willing to co-fund R&D with the handset makers in order to accelerate efforts to secure better quality TD-SCDMA mobiles as well as expand the range of products.

However, if an RMB fund co-invests with an offshore fund, the offshore fund would still need to obtain regulatory approvals, effectively making it the "lowest common denominator."

He made a name for himself as co-founder of the Quantum Fund with George Soros.