Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Singapore-Based E-Commerce Aggregator Una Brands Raises $40 Million for Asia-Pacific Acquisitions
Video Streamer iQiyi Apologizes for Milk Gimmick Gone Sour
Singaporean Ride-Hailing Firm Grab to Launch New Services for Premium Passengers, Pet Owners
TikTok Retains Crown as World’s Top Non-Game App Despite 50% Drop in Downloads
Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
China Unicom to Set Up 10 Billion Yuan Fund of Funds for 5G

By Zhao Runhua / Sep 06, 2019 04:14 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese carrier China Unicom will set up and lead a fund of funds (FOF) for 5G projects with 10 billion yuan ($1.4 billion) in initial financing, the telecom operator announced Friday.

The fund will accept investments from local governments, state-owned enterprises as well as non-state owned companies, China Unicom said on its official Weibo account during the 2019 World Internet of Things Exposition in eastern China’s Wuxi city. The fund will also provide financial tools to implement mixed-ownership reform at some of China Unicom’s tech subsidiaries, the company said.

FOFs invest in other funds rather than directly in companies, stocks and bonds. The total eventual size of China Unicom’s planned fund was not made available.

The decision is an important step that will allow the company to push forward the development of 5G applications, China Unicom said.

In April, China Unicom set up an alliance for developing 5G applications. The alliance now has over 600 members, according to Liang Baojun, a deputy general manager at China Unicom.

China Unicom also introduced a 5G ultra-high-definition live-streaming platform during the event on Friday.

Related: Industry Experts Debate When 5G Will Hit 1 Billion Users in China

Share this article
Open WeChat and scan the QR code