Economy, Sci & Tech

China’s ZTE to Invest in Startups

China’s ZTE to Invest in StartupsChina’s ZTE to Invest in Startups

Chinese telecom equipment maker ZTE Corp will set up a 1.2-billion-yuan ($180.38 million) fund to invest in private technology, media and communication startups, and diversify its business. ZTE and other investors will set up the Suzhou Partnership Fund to invest in shares, equity or assets of firms with good growth potential, “enhancing the competitiveness of the group’s main business”, ZTE said in a statement late on Wednesday, Reuters reported. ZTE will control about 25% of the fund, while 75% will be owned by other investors. The Chinese tech giant saw first-quarter profit rise 16% despite an ongoing US probe into allegations the firm broke sanctions against Iran by shipping millions of dollars worth of American-made hardware and software to the country.