Angel investors find sweet spot in TMT

Private equity and venture capital investment in China's telecommunications, media and technology industry, or TMT, reached a historic high of $15.9 billion in 2014, and the trend is likely to continue this year, said an industry report.

The report, released by global consultancy firm PricewaterhouseCoopers on Thursday, said about 1,241 PE and VC deals were conducted in the Chinese TMT sector in 2014, a 47 percent year-on-year growth. Both the investment value and the amount have broken the previous records set in 2012, it said.

"The reason why investment in the TMT industry saw this growth spurt is a series of incentive policies for entrepreneurship and innovation introduced by the government," said Gao Jianbin, PwC China technology leader.