Chinese ZTE Corp will set up a 1.2 billion yuan ($180.38 million) fund to invest in private technology, media and communication start-ups. ZTE and other investors will set up the Suzhou Partnership fund to invest in shares, equity or assets of firms with good growth potential, "enhancing the competitiveness of the group's main business," ZTE said.

ZTE will control about 25 percent of the fund, while 75 percent will be owned by other investors.