Tencent, the provider of the popular QQ instant messaging service, announced yesterday that it will set aside 5 billion yuan to invest in technology start-ups through its new Industrial Win-Win Fund.

Chairman Ma Huateng said the initiative aims to finance young but upcoming companies that can help Tencent better serve its users.

He expects the first phase, which focuses on areas such as online games, social networks, wireless Internet, e-commerce and new media, to be complete within two to three years.

"This kind of fund is very common in a mature market, just like Intel Capital, Google Ventures and Nokia Growth Partners,"said Internet expert Jiang Qiping. "Intel Capital has invested up to 1,100 tech companies over the past 20 years."

China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.