Qualcomm forms Chinese joint venture

It was during a During a ceremony at the China National Convention Center in Beijing, that Qualcomm and officials from the People’s Government of Guizhou Province signed the agreement and unveiled its new joint venture – the Guizhou Huaxintong Semi-Conductor Technology Co., Ltd. The joint venture, with initial registered capital of RMB 1.85 billion (approximetly USD 280 million USD), will be 55 percent owned by the Guizhou provincial government’s investment arm and 45 percent owned by a subsidiary of Qualcomm. The joint venture will focus on the design, development and sale of advanced server chipset technology in China. As part of the deal, Qualcomm Technologies, will license its proprietary server chip technology and provide R&D processes to the joint venture to support the commercial viability and success of the new company.