Nokia and China Putian in 3G Joint Venture

From Reuters:

"Mobile phone group Nokia announced a $111 million China technology tie-up on Thursday, in a new venture boosting a home-grown Chinese standard in the world's biggest mobile market.
Nokia signed an agreement with China Putian Co. Ltd. to set up a joint venture to focus on 3G network systems using WCDMA as well as China's own TD-SCDMA technology, giving a strong boost to the Chinese standard.
China wants to develop the TD-SCDMA standard both to foster development of its own telecoms sector and also to avoid costly royalties associated with equipment and handsets for the world's two major 3G standards, known as WCDMA and CDMA 2000."

"The groups will invest a total of 900 million yuan ($111 million) in the venture, with Nokia holding a 49 percent stake and Putian the rest."

Read more:
Overview of Chinese 3G Licence Opportunities
China's Locally Developed 3G Standard Fares Poorly in Tests
3G Deployment Delayed in China
China’s 3G Standard TD-SCDMA Blooms