China Unicom subsidiary invests in new tech fund

China United Network Communications announced its indirect subsidiary, Unicom Innovation & Entrepreneurship Investment, will invest 100 million yuan in the Chengtong Kechuang (Jiangsu) Fund, taking a 10% stake using its own capital. This investment, classified as a connected transaction, involves China Chengtong Holdings Group, due to a company director holding positions within the group. The transaction has been approved by the company's Board of Directors, Audit and Risk Management Committee, and independent directors.

The Chengtong Kechuang (Jiangsu) Fund, a company-structured entity with a scale of 1 billion yuan, will focus on strategic emerging industries. These include new materials, high-end equipment manufacturing, next-generation information technology, new energy, and life and health sectors, aligning with Jiangsu province's development priorities. This move aims to broaden China Unicom's investment channels and optimize its investment structure.

The Board of Directors approved the resolution with 11 votes in favor, 0 against, and 0 abstentions, with one director abstaining due to the connected transaction. The fund is still awaiting registration and filing with the Asset Management Association of China.