BRIEF-ZTE's Q1 net profit up, plans industry fund with partners

April 17 (Reuters) - ZTE Corp

* Says Q1 net profit up 27.8 percent y/y at 1.2 billion yuan

($174.26 million)

* Says it and unit plan to invest a combined 1.3 billion

yuan to set up industry fund worth up to 3.7 billion yuan

Source text in Chinese:;

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($1 = 6.8864 Chinese yuan renminbi)

(Reporting by Hong Kong newsroom)