Chinese telecom equipment and consumer electronics major, ZTE Corp has jumped on to the bandwagon. ZTE has announced Suzhou partnership fund of 1.2 Billion Yuan ( $180.38 million ) to invest in privately held startups catering to technology, media and communication. These industries are expected to grow significantly over the next few years.
ZTE plans to invest only in such companies which are likely to enhance “the competitiveness of the group’s main business”. ZTE has already reported a 16% increase in net profit for Q1 2016. Alibaba, Xiaomi, Huawei and Lenovo are some of the top chinese corporates to invest in global tech startups. Lenovo, world’s largest PC manufacturer recently announced that it has set aside $500 million in a tech startup fund called Lenovo Capital, which will invest in some of the emerging sectors in consumer and enterprise technology, including artificial intelligence and cloud computing.
Details regarding the latest developments are still sketchy, but ZTE says that it will hold about a quarter of the fund, and its partners will own the major share.
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