QUALCOMM forms Chinese mobile software firm

QUALCOMM is launching a mobile software company with China TechFaith Wireless Communication Technology that will develop software for wireless devices and will be based in Beijing and Hangzhou, China. Both parties will each contribute cash and other assets worth $35 million to the new company, set to be called TechFaith Software China. The company will operate independently of its parents and will focus on developing 3G CDMA handsets. The formation of the company follows QUALCOMM's 2003 pledge to invest $100 million in small to midsized Chinese companies that develop CDMA products.

For more on QUALCOMM's new venture:
- see this article from BusinessWeek