Top management from Datang Mobile, one of the core developers of China's home-grown 3G standard, has confirmed to local media that Datang Mobile has received CNY4.6 billion from China Development Bank, CNY1.5 billion of which is interest-free.
Media reports have quoted an internal publication of Datang Mobile as saying that the money will be used for Olympic Games 3G network construction. Previous media reports said Datang Mobile was short of money for a long time and it has received a total of CNY200 million in support from China's Ministry of Information Industry and the State Development and Reform Commission since 2003.
A representative from Datang Mobile says the company would need about CNY3 billion this year for TD research and development.
Datang Mobile, registered and established in Beijing on February 8, 2002, is one of the core members of Datang Telecom Technology and Industry Group. The company has its headquarters in Beijing, with one subsidiary in Shanghai and one branch office in Xi'an.