NEC Corp. is stepping up design and development of advanced cellular telephones with the formation of a joint venture with a Chinese technology company. The Tokyo-based company will take a 30 percent stake in Step Technologies (Beijing) Co. Ltd. with China’s TechFaith Holding Ltd. owning the remaining 70 percent. The company has been capitalized at 50 million renminbi ($6 million).
Formation of the company follows NEC’s plan, stated as part of its mid-term strategy announced in October this year, to secure a larger share of the European and Greater China (China, Hong Kong and Taiwan) mobile handset market. As part of this goal NEC said it will make China a global development base of 3G products and increase the number of staff working on cellular technology-related research and development to around 1,000. Continue >>