Qualcomm signs up for Chinese ventures
Qualcomm has another distraction, even as it's fighting off Broadcom's unwanted bid. The company has made overtures to three Chinese mobile vendors, laying the groundwork for a possible $12 billion worth of contracts over the next three years.
Under the eyes of Presidents Donald Trump and Xi Jinping, Qualcomm signed three memoranda of understanding (MoU) with Chinese mobile vendors, Xiaomi, Oppo and Vivo, each of which expresses a non-binding interest in the purchase of components with an aggregate value of no less than $12 billion over the next three years.
Qualcomm CEO Steve Mollenkopf was part of President Trump's Department of Commerce Trade Delegation to China,"I'm honored to represent Qualcomm as part of this important Trade delegation, which showcases the importance of win-win business relationships between the US and China," said Mollenkopf, . "Qualcomm has longstanding relationships with Xiaomi, Oppo and Vivo and we are continuing our commitment to investing and helping advance China's mobile and semiconductor industries," said Mollenkopf.
Qualcomm Technologies has been supporting the Chinese mobile ecosystem for almost 25 years and continues to expand its investments and projects in China, establishing a number of branches, joint ventures and R&D centers in Guizhou, Shanghai and Shenzhen, among others.