Norwegian mobile Internet browser provider Opera Software ASA has announced plans to set up a joint venture with the Chinese mobile phone dealer Telling Telecom Development Company, aiming to develop a customized mobile browser platform for the Chinese market.
The new joint venture will have registered capital of CNY135 million, of which Telling Telecom will invest CNY90 million owning a 67% stake and Opera Software will invest CNY45 million owning a 33% stake. During the first three year after the founding of the joint venture, Opera Software can increase its equity in the company to 40% through additional investments.
Telling Telecom Development Co., a subsidiary of Telling Telecommunication Holding Co., has over 9,000 employees. It claims to occupy 18% share of the Chinese mobile phone sales market.