Datang Telecom planning PE fund

BEIJING - Telecom equipment maker Datang Telecom on Wednesday said it plans to set up a 5 billion yuan ($732.18 million) private equity (PE) fund for investments in the booming Internet of Things (IOT) industry.

Datang will partner with the Wuxi New District Venture Investment Group, the Chinese Academy of Sciences (CAS) and Wuxi Guolian Development (Group) Co to set up the PE fund with a corpus of 1 billion yuan in the first stage.

The company will invest 200 million yuan during the first stage of fundraising and hold a 40 percent equity stake in the fund management company being set up to manage the private equity fund.