Qualcomm powers up for chip JV

Output for basic smartphones will complement high-end products

US chip giant Qualcomm Inc announced on Friday it will set up a new joint venture in China to build chips for entry-level smartphones, in a move to complement its existing high-end product portfolios.

JLQ Technology, with a registered capital of 2.98 billion yuan ($434 million), will be established by Qualcomm, State-owned telecom company Datang Telecom Technology Co Ltd and two local investment groups.