Insurer to invest in Datang

PICC Asset Management Co Ltd will buy a 15 percent stake in the main developer of China's third-generation (3G) mobile technology Datang Mobile Communications Equipment Co, a source said.

The company, a subsidiary of People's Insurance Company (Group) of China (PICC), will pay 1.5 billion yuan for the stake under a deal expected to be signed this week, according to the source.

Datang Mobile's parent company Datang Telecom Technology and Industry Group will also inject 1 billion yuan into the company, the source said.