(Yicai Global) Sept. 20 -- Guangdong Eastone Century Technology Co. [SHE:300310], a communication technology service provider, will invest CNY10 million (USD1.52 million) to set up a wholly-owned Internet of Things institute.

The whole CNY10 million will go toward registered capital and Eastone Century will be the sole equity holder, it said in a statement on Sept. 19.

The planned institute will engage in prospective study of IOT technology and application-oriented study in terms of platforms, hardware and vertical applications, the firm added.

Initiating the new firm will help Eastone Century build and enhance its advantages in these fields, it said in the statement.