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A Chinese communications firm has become a US-based communications company's largest shareholder, owning more than 10 percent of its shares.
Through its subsidiary, Eastern Communications USA, Inc., its solely-funded subsidiary in the United States, Eastern Communications Co. Ltd., based in Hangzhou, the capital city of eastern China's Zhejiang province, now holds 6 million shares of InterWAVE Communication International Ltd (InterWAVE), headquartered in Silicon Valley.
InterWAVE was founded in 1994, providing GSM/GPRS networks equipment, system solutions and broadband products. It was listed on Nasdaq in 2000.
Eastern Communication Co. Ltd, China's largest listed mobile communications company, is a hi-tech firm which provides mobile communication networks system solutions.
According to the board of the Eastern Communication, the partnership will be reciprocal and will reinforce their company's competitive edge. Analysts said that it paves the way for Eastern Communication's entry into the global market.
(Xinhua News Agency August 20, 2002)
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