Qualcomm, Guizhou Province Sign Strategic Cooperation Agreement, Form $280M JV

Qualcomm Incorporated

and officials from the People's Government of Guizhou Province signed a strategic cooperation agreement and unveiled a joint venture –  the Guizhou Huaxintong Semi-Conductor Technology Co., Ltd. The joint venture, with initial registered capital of RMB 1.85 billion (approx. $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, the second largest country in the world for server technology sales, according to industry analysts. In attendance at the ceremony were Steve Mollenkopf, chief executive officer of Qualcomm Incorporated, Derek Aberle, president of Qualcomm Incorporated, and other senior Qualcomm executives, as well as Chinese officials including Chen Min'er, secretary of the Guizhou Provincial Committee of the Communist Party of China (CPC) and Sun Zhigang, acting governor of Guizhou Provincial Government. The joint venture is an integral part of the strategic cooperation formed between Qualcomm and the People's Government of Guizhou Province. In addition, Qualcomm also will