Eastcom acquires Nasdaq-listed company
1 September 2002
Shanghai-listed telecoms equipment provider Eastern Communications (Eastcom) has become the largest shareholder in Nasdaqlisted Interwave Communications, with a 10.3 per cent stake, South China Morning Post said. The two companies had already established an alliance agreement, with Interwave pledging to purchase equipment worth US$25m from Eastcom next year.
California-based Interwave develops portable mobile cellular networks based on global system for mobile communications (GSM) technology. Eastcom makes GSM cellular phones and telecoms equipment for code division multiple access (CDMA) networks. Eastcom's main shareholder is China Posts and Telecoms Industry Corp.
The first Chinese company to acquire a Nasdaq-listed company was the privatelyowned Wanxiang Group Universal Automotive Industries, of Hangzhou, Zhejiang province, last autumn.