QUALCOMM Makes Investment In China

Qualcomm today announced in Shanghai that it is working with China TechFaith Wireless Communications Technology (TechFaith) to create a new Chinese firm, TechSoft. Qualcomm and TechFaith will invest up to $35M to found TechSoft, a new company focused on developing application software for wireless devices. The investment by Qualcomm is part of a $100M effort the firm announced in 2003 to invest in early- to mid-stage Chinese companies building CDMA-based products. TechFaith is a handset application software provider based in China.