Hearst bullish on TMT deals despite high valuations

Hearst Ventures, the investment arm of the American mass-media group Hearst Corporation, plans to raise its activities in China's telecommunication, media and technology sectors, despite the current high valuations of some targets.

Kenneth A. Bronfin, Hearst Ventures senior managing director, said it will build its national portfolio even though rising deal prices in the sectors had sparked worries about a potential investment bubble, after an exponential growth in startups in China.

"Some valuations are expensive, there's no question about that," Bronfin said in Beijing.