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Kai-fu Lee has $115 million, and he wants to put it to work. Monday, he announced that his new angel-focused venture fund, Innovation Works, is targeting a rate of five successful Chinese start-ups a year. Previously, Lee was in charge of Google's (GOOG) operations in China. The new endeavor is...

It didn't even take a full weekend for the former head of Google's (NASDAQ: GOOG) China operation, Kai-fu Lee to find a new home. The recently departed executive announced on Sunday that he was planning to start his own business in the coming week, funding technology startups in China. So, he'll be...