Chinese state-owned entities launch $723m 5G fund

Established in 2015 by the Hubei government with an initial RMB40 billion, Yangtze focuses on the development of companies in emerging industries. It plans to pool up to RMB200 billion from commercial institutions through various vehicles. The 5G fund will focus on companies in Hubei province, where China Information Technologies is also headquartered.

China Information Technologies was founded in 2018 as a result of a merger between state-owned enterprises FiberHome Technologies Group, which develops optical communication technology, and Datang Telecom Group, a telecommunications equipment provider. The combined company consists of six listed entities and a number of private companies, generating total annual revenue of RMB60 billion.

China has prioritized the development of 5G technology under the Made in China 2025 agenda, which focuses largely on internet and communications technologies. Nationwide, 5G connections between devices are expected to reach 428 million by 2025, according to a report by China Academy of Information and Communications Technology, a think tank. Enterprises will become the largest user group for the technology, it says.

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