China-based telecommunications equipment maker ZTE has set up a corporate venturing division to invest RMB316.5m ($47.2m) in two funds.
Through ZTE Capital Management, the Hong Kong-listed company has committed RMB300m in the ZTE Venture Capital Fund.
The fund is aiming to raise RMB1bn in total and invest 70% of its money in the technology, media, and telecommunications sectors.
ZTE is investing RMB16.5m to establish ZTE Capital Management with a 55% stake and a second company, Hekang, will invest a further RMB13.5m. Min Yumin, a director of ZTE, is also an executive director of Hekang.