China's tech giant, ZTE, is to set aside 1.2bn yuan (millions of dollars) 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 $180.4m worth of American hardware and software, ZTE's Q1 profits rose 16%.
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%.