Besides being one of the major telecommunication service providers in China, China Unicom (600050.SH) is also looking to expand its footprint in venture capital investing.
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A unit of the company has invested 200 million yuan in a 3 billion yuan fund operated by Kaixing Guangxin Yihao, an investment firm based in Guangzhou, according to a statement released on the Shanghai Stock Exchange on Wednesday.
“This transaction is conducive to expanding the company’s investment channels and optimizing the company’s investment structure. There is a strong synergy between the fund investment field and the company’s main business, which will help the company seek a wider range of acquisitions and investment targets.”– Company statement
The fund will be investing in a number of emerging information technologies, big data, and artificial intelligence. These have been areas of interest for major technology players in recent years, which would be expected to provide strategic advantage to China Unicom should the company be able to tap into these new investments.