Putian Telecommunications signed an agreement with Nokia (NOK) at the Great Hall of the People yesterday to launch a joint-venture for TD-SCDMA development in China.

The new venture will involve a total investment of CNY900 million, of which Nokia holds a 49% stake. Putian will assign a president for the company, while Nokia will provide a CEO.

Putian is comparatively weaker among China's four major TD-SCDMA manufacturers, so the cooperation with Nokia is expected to help it improve its competitiveness in market.

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