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Article: CYIT and CASH's JV agreement fails over TD-SCDMA technology valuation disputes.
- Article from:
- China Business News
- Article date:
- January 16, 2008
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CYIT and CASH's JV agreement fails over TD-SCDMA technology valuation disputes
Shanghai. January 16. INTERFAX-CHINA - Hong Kong-listed investment firm Celestial Asia Securities Holdings Ltd. (CASH) announced yesterday that a joint-venture agreement it signed with Chongqing Chongyou Information Technology (Group) Ltd. (CYIT) last July has been terminated, while an official from CYIT said today that the JV failure was primarily due to disputes over TD-SCDMA technology valuation.
"CASH was only willing to invest RMB 160 million ($22.09 million) in the JV, which was far lower than what they agreed to pay on July 19. They had agreed to invest at least RMB 300 ...