In a move intended to take advantage of the promising China's IT industry, the company announced Monday it has established a US$200 million fund to invest in Chinese technology companies.

The Intel Capital China Technology Fund will be used to invest in Chinese companies that complement Intel's technology and will offer funding for these companies to further develop their own technologies and products, Intel said in a statement. The fund will be managed by Intel Capital, the company's venture investment arm.

This is not the first time that Intel has sought out Chinese companies for investments. Since 1998, Intel has invested in about 50 companies in nine cities in mainland China and Hong Kong, the company said. Eleven of those companies have since gone public or been acquired, it said.

Chinese companies that have received investments from Intel include: BCD Semiconductor Manufacturing Ltd., an analog power integrated circuit design and manufacturing company; Comlent Holdings Inc., a radio frequency chip maker; HiSoft Technology International Ltd., a software outsourcing company; and Maipu Holdings Ltd., a router and networking equipment company.

Intel Capital has invested around $4 billion in companies from 30 different countries since 1991, Intel said.