Qualcomm Forms $280 Million Joint Venture With Chinese Province

Qualcomm has formed a joint venture with Guangzhou province, touted as China’s upcoming hub for big data and cloud computing, in an attempt to extend their server chip business in the country. The venture will be worth 1.85 billion yuan (approximately $280 million USD).

The new semi-conductor company, Guizhou Huaxintong Semi-Conductor Technology Co. Ltd., will be 55% owned by Guizhou’s provincial government, while Qualcomm will hold the remaining 45%, they revealed at an event in Beijing on Sunday.

Qualcomm will also establish an investment firm in Guizhou, targeting further investments in China.

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