Pension fund invests in Datang Group
By Zhu Shenshen |
December 31, 2009, Thursday
|
Print Edition
Print Edition
CHINA'S Social Security Fund has injected capital into Datang Telecom Technology & Industry Group to become a strategic investor as the national pension fund made its first investment in a central government-owned non-financial enterprise, the Beijing-based firm said in a statement on its Website yesterday.
The investment will help Datang Group develop China's own 3G, or third generation, technology known as TD-SCDMA (time division synchronous code division multiple access), both parties said.
They, however, didn't reveal the size of the investment in Datang Telecom Technology Co, a subsidiary of Datang Group.
"The deal will help the group commercialize the TD-SCDMA technology on a massive scale and boost the global competitiveness of the homegrown 3G industry," the statement said.
China Mobile has now built TD-SCDMA networks nationwide covering 70 percent of the country's prefecture-level cities. In the eastern region, there is 100 percent coverage, according to the Ministry of Industry and Information Technology.
Datang Telecom is a major developer of TD-SCDMA technology.
By the end of November, China's pension fund had invested 64.9 billion yuan (US$9.54 billion) in various firms, including banks and infrastructure projects.
The investment will help Datang Group develop China's own 3G, or third generation, technology known as TD-SCDMA (time division synchronous code division multiple access), both parties said.
They, however, didn't reveal the size of the investment in Datang Telecom Technology Co, a subsidiary of Datang Group.
"The deal will help the group commercialize the TD-SCDMA technology on a massive scale and boost the global competitiveness of the homegrown 3G industry," the statement said.
China Mobile has now built TD-SCDMA networks nationwide covering 70 percent of the country's prefecture-level cities. In the eastern region, there is 100 percent coverage, according to the Ministry of Industry and Information Technology.
Datang Telecom is a major developer of TD-SCDMA technology.
By the end of November, China's pension fund had invested 64.9 billion yuan (US$9.54 billion) in various firms, including banks and infrastructure projects.
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