Nokia Buyout Turns China’s First Sino-Foreign Telecom JV Fully Foreign-Owned
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Nokia has acquired all equity in its Chinese joint venture, Nokia Shanghai Bell, making it a wholly foreign-owned enterprise. Nokia purchased the remaining 50% stake from China Huaxin Post and Telecom Technologies. The transaction value was not disclosed, but the stake was listed at CNY4.1 billion. Nokia Shanghai Bell will continue to operate under the Nokia brand in China. The company focuses on mobile communications, infrastructure networks, and cloud services, with a net profit of CNY90.5 million and revenue of CNY4.6 billion in the first three quarters of this year.
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