Blog Post

Qualcomm Forms Mobile Apps Software JV in China

Qualcomm has formed a new mobile applications software company with TechFaith Wireless, one of the largest handset software providers in China. The new company — TechFaith Software China– will develop software for wireless devices and will be based in Beijing and Hangzhou, China.
The venture will receive cash and contributions worth up to $35 million from both parties, subject to performance milestones and other conditions. The new company will focus initially on 3G CDMA mobile handsets.
ElectronicNews: This investment follows Qualcomm’s announcement in June 2003 to invest up to $100 million in early-to mid-stage Chinese companies like TechFaith engaged in the development and commercialization of CDMA-based products, applications and services.
Some more details in the release here.