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Qualcomm signs JV for smartphone chipsets in China
AC Capital, Leadcore, Qualcomm and Wise Road Capital have signed an agreement to form a joint venture to design and sell smartphone chipsets in China.
Jianguang Asset Management Co., Ltd. (JAC Capital), Leadcore Technology Co., Ltd (Leadcore, a subsidiary of Datang Telecom Technology Co., Ltd.), Qualcomm (China) Holding Co., Ltd. (a subsidiary of Qualcomm Technologies, Inc) and Wise Road Capital Ltd. (Wise Road Capital) signed an agreement to form a joint venture – JLQ Technology. This joint venture will focus on the design, packaging, testing, customer support and sales related to chipsets for mass-tier smartphones designed and sold into China. “This joint venture represents the organic combination of financial and industry resources of Qualcomm, JAC Capital, Datang Telecom, and Wise Road Capital, the synergy of which is advantageous to local technology innovation,” said Brighten Li, chairman of investment evaluation committee, JAC Capital. “It also represents an important step for JAC Capital as an eco-system player in the global semiconductor industry. JAC Capital, with its background in the financial industries and many- years of experience in the semiconductor and telecommunication industries, will help this joint venture to achieve long-term success.” “This joint venture further demonstrates Qualcomm’s long term commitment to the China mobile industry. This project will help Qualcomm expand its presence to new segments and customers, as an addition to our vibrant and fast growing semiconductor business in China” said Cristiano Amon, executive vice president, Qualcomm Technologies, Inc., and president, QCT. JLQ Technology will be registered in Gui’an New Area in Guizhou Province. The formation of this joint venture is subject to the approval by relevant authorities, and the parties currently anticipate that it will be completed later this year.