ZTE to invest 16.5 million set up venture capital fund company

NetEase Financial September 27 news ZTE Sunday Evening issued a notice that the company's board agreed to invest 16.5 million and Kang Investment Management Co., Ltd. jointly set up ZTE Venture Capital management company. The announcement indicated that the registered capital of Zhongxing venture Capital fund Management company is 30 million yuan, ZTE, and Kang Company by the cash method respective contribution 16.5 million yuan, 13.5 million yuan, the contribution proportion respectively is 55%, 45%.　　Shareholders will pay 40% of the first batch of funds, and the rest of the capital shall be paid within 2 years. In addition, ZTE said the company intends to invest 300 million yuan in the subscription of ZTE Fund.　　ZTE Venture Capital Fund scale of 1 billion yuan, operating period of 5+3 years. The announcement shows that ZTE Investment fund mainly invests in the country's industrial policy support, and the economic restructuring related to the high growth industry segment of the market leading to the TMT industry as the main investment direction, investment ratio of not less than 70%.