China Mobile Group's subsidiary China Mobile Communications Corporation will team with the State Development & Investment Corporation to jointly invest CNY2.55 billion to create a joint venture.
The new joint venture, which is about 59% owned by China Mobile, will mainly focus on investments in mobile Internet sector and related upstream and downstream industries.
China Mobile will invest CNY1.5 million for a 58.8235% stake in the JV; SDIC will invest CNY1 billion for a 39.2157% stake; and a fund management company will invest CNY50 million for a 1.96% stake. During the window period, the total investments may raise by up to CNY5 billion in accordance to the actual situation.
The establishment of the joint venture aims to play to the advantages and resources of the investors to invest in potential companies, enterprises, and other economic organizations in the mobile Internet sector and related upstream and downstream industries. The major targets of the joint venture will be enterprises in growth and mature phases.