Venture Capital Firm Says Nouriz Not a 'Fake Foreign Brand'

(Beijing) – A major venture capital firm defended its investment in Nouriz, a Chinese-owned dairy company.

Recent scandals involving dairy companies have placed a greater scrutiny not only over domestic producers, but also foreign producers amid rumors of "fake foreign milk" products sold in China.

"Legend Capital doesn't invest in domestic dairy producers since we are not confident about them," said Li Jiaqing, managing director of Legend Capital, during a press conference held by Nouriz Investment Holdings Ltd. on January 9.