Qualcomm has inked an agreement with the government of Guizhou to set up its Chinese corporate venturing unit in the province and launch a $280m joint venture.
US-based wireless technology manufacturer Qualcomm and the government of Chinese province Guizhou signed a strategic cooperation agreement and launched a joint venture dubbed Guizhou Huaxintong Semi-Conductor Technology yesterday.
As part of the agreement, Qualcomm will create an investment subsidiary in the province to conduct its future corporate venturing efforts in China. Qualcomm will join forces with the local government to identify potential investees in Guizhou.
The JV has received an initial funding commitment of RMB1.85bn ($280m) and will be 55%…
