Chinese telecommunications equipment maker ZTE plans to create a 1.2 billion Yuan ($180 million) investment fund to help private technology, media and communications start-ups, as well as to diverse its business interest.
The company, in collaboration with other investors, said it will set up the Suzhou Partnership fund to invest in equity, assets and shares in firms that demonstrate growth potential, “enhancing the competitiveness of the group’s main business”, according to an announcement from ZTE on Wednesday.
The firm will control around 25 percent of the new fund, with 75 percent to be owned by the other investors.
The Chinese technology giant enjoyed a growth in its first quarter profits of sixteen percent despite an ongoing prove in the United States into allegations it broke sanctions against Iran, by shipping millions of dollars worth of US hardware and software into the country.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.