China Telecom sets up 2 units

China Telecommunications Corp, the country's third largest telecom carrier by mobile subscribers, has set up two investment units to manage assets worth more than 80 billion yuan ($12 billion) and develop new growth engines from internet of things, smart homes and other sectors.

The two investment units - China Telecom Group Investment Co Ltd and Tianyi Capital Holdings Ltd - were registered in October and November with capital of 5 billion yuan each, according to Tianyancha, a data bank that tracks business registration information in China.

The two units are positioned as investment and capital operation platforms to speed up strategic transformation at China Telecom, said a recent job posting on the telecom carrier's official website.