Nokia wins China contracts worth $2.5b

Nokia has secured deals worth more than 2 billion euros ($2.5 billion) with Chinese customers, sending the company's shares higher, an Associated Press report said.

The report said the contracts, for the whole of 2006, were signed at a meeting of EU and Chinese business leaders attended by Chinese Premier Wen Jiabao and his Finnish counterpart Matti Vanhanen.

Deliveries began earlier this year, which included digital network equipment for China Mobile valued at some 580 million euros ($735 million) and mobile phones worth more than 1.5 billion euros ($1.9 billion) for Chinese national mobile phone distributor PTAC, the report said.

Nokia's shares gained 3%, rising to 15.55 euros ($19.76) on the Helsinki Stock Exchange.

Nokia, the world's largest mobile phone maker, had so far invested more than 3.3 billion euros ($4.2 billion) in China, the report said.

It had increasingly turned its attention to Asia from Europe, where mobile phone levels were reaching a saturation point, the report further said.

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