Huawei is moving into the Chinese high-tech venture capital field by establishing a new investment firm in bid to build out its ecosystem, reported PEdaily citing an investor familiar with the company.

According to Chinese business research website Qichacha, Hubble Technologies (our translation) was formed on April 23 in Shenzhen. It is a wholly owned subsidiary of Huawei with registered capital of RMB 700 million ($104 million), and Bai Yi, president of Huawei’s global financial risks control center, was named legal representative and chairman of the company.

Huawei did not respond to requests for comment when contacted by TechNode on Friday.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen