Corporates SAIC, Sunon Group, Dahua Technology, ZhongJi InnoLight and Zhebao Media have contributed to the latest fund for China-based investment firm Winreal Investment, DealStreetAsia has reported.
The fund, Rongteng 5G Industry Fund, has reached its first close having raised half of its projected total. The vehicle is expected to close at RMB2bn ($292m).
Office furniture manufacturer Sunon, surveillance equipment maker Dahua, optical communication technology producer ZhongJi InnoLight and online media company Zhebao invested directly while carmaker SAIC did so through its SAIC Capital subsidiary.
Winreal concentrates on investments in companies seeking to digitally enhance existing industries such as education, manufacturing, transport and security.
The new vehicle will invest in developers of technology related to 5G, the next iteration of mobile networks which promise more rapid network speeds and more reliable coverage, and which are beginning to be introduced.
Chinese capital Beijing launched a commercial 5G network in November 2019 and the country has prioritised the establishment of 5G base stations in an initial 50 cities.
