State investment group invests in Datang Telecom
4 January 2008
The State Development Investment Corporation (SDIC), an investment unit owned by the State Council, announced that it will invest US$685 million in the restructured Datang Telecom Technology and Industry Holding Co Ltd, Economic Observer reported (in Chinese). SDIC will acquire 35% of Datang Telecom Technology from the China Academy of Telecommunications Technology, which is owned by the Ministry of Information Industry. Datang Telecom, which owns core technology of the TD-SCDMA third-generation mobile standard, is a research and development leader in China's domestic telecom market. The investment was seen as a signal to the market that Beijing has chosen Datang as a strategic company in the development of its 3G mobile technical standard.