Qualcomm In Chinese Joint Venture

San Diego-based Qualcomm and the People's Government of Guizhou Province are in a joint venture, focused on the design and sales of server chipsets in China, the two said on Sunday. According to the two, the joint venture is worth approximately $280M, and will be 55 percent owned by the Guizhou provincial government, and 45 percent owned by a subsidiary of Qualcomm. Qualcomm also said it will create an investment company in Guizhou as a result of the deal. The new company will be named Guizhou Huaxintong Semi-Conductor Technology Co., Ltd.