Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated (NASDAQ: QCOM), recently announced that it has signed three non-binding memorandums of understanding under which Xiaomi Communications Co., Ltd., Guangdong OPPO Mobile Telecommunications Corp., Ltd. and Vivo Communication Technology Co., Ltd. have each expressed a non-binding interest in acquiring components with a combined value of at least $12 billion over the next three years.
The Memoranda were signed by President Xi Jinping of the People's Republic of China and President Donald Trump of the United States in a ceremony in the Great Hall of Beijing. Qualcomm CEO Steve Mollenkopf is part of President Trump's Commerce Department delegation to China, which includes leading US companies.
CEO of Xiaomi, Xiaomi CEO, was signed by OPPO CEO Chen Mingyong and Shen Wei CEO on behalf of their respective companies.
"I am honored to represent Qualcomm as part of this important trade delegation that demonstrates the importance of a profitable business relationship between the U.S. and China," said Steve Mollenkopf, CEO of Qualcomm Incorporated.
"Qualcomm has a long-standing relationship with Xiaomi, OPPO and vivo, and we remain committed to investing in and advancing the mobile and semiconductor industries in China."
Qualcomm Technologies has been supporting the Chinese mobile ecosystem for nearly 25 years and continues to expand its investments and projects in China, establishing a series of branches, joint ventures and R&D centres in Guizhou, Shanghai and Shenzhen, among others.
