NEC and Matsushita in JV in China

date: November 28, 2001

NEC Corp. and Matsushita Communication Industrial Co. plan to set up a joint venture in China to get a head start in the race to introduce the latest third-generation of mobile phone technology to Chinese users, a Japanese financial newspaper reported Wednesday.

The joint venture will be established later this year and will work with Chinese telecommunications companies to develop third-generation' mobile phone handsets specifically for the Chinese market, the report in the Nihon Keizai newspaper said.

Responding to the report, the Japanese companies said early Wednesday that they could not immediately confirm its contents.

According to the report, NEC and Matsushita Communication are hoping to set the standard for 3G mobile service in China and are planning a joint venture that will be capitalized at about $2.4 million and start operations with around 100 employees, most of whom will be Chinese engineers. They will ask China Mobile Communications Corp. and other Chinese carriers to take stakes in the joint venture, it said.

U.S. and European manufacturers have a combined 70 percent share of the Chinese market for mobile phone handsets, the newspaper said.

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