China's tech giant, ZTE, is to set aside 1.2bn yuan ($180.4m) for a fund to diversify its business by investing in private tech, communications, and media start-ups with strong growth potential. Other investors are also behind the Suzhou Partnership fund, which will be 25% controlled by ZTE. The company has been under pressure from US President Donald Trump over alleged violations of trade sanctions imposed on it after Mr Trump's administration slapped tariffs on Chinese goods last year.
China's tech giant, ZTE, is to set aside 1.2bn yuan ($180.4m) for a fund to diversify its business by investing in private tech, communications, and media start-ups with strong growth potential. Other investors are also behind the Suzhou Partnership fund, which will be 25% controlled by ZTE. Despite a US investigation into claims that ZTE broke sanctions against Iran through the shipment of millions of dollars worth of American hardware and software, ZTE's Q1 profits rose 16%.