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Chinasoft International, Huawei launch JV in Xi'an

Apr. 10, 2012 (China Knowledge) –Chinasoft International Ltd<0354>, a provider of comprehensive software and information technology services in China, and Huawei Technologies Co Ltd, the world's second-largest telecom equipment maker, have set up a joint venture in the Xi'an High-tech Industries Development Zone yesterday.

The JV, where Chinasoft holds a 60% stake, has a registered capital of RMB 100 million, will engage in software outsourcing business.

According to the agreement the two companies signed in this January, Huawei will received RMB 816 million worth of IT outsourcing service in 2012, RMB 1.49 billion in 2013 and RMB 1.8 billion in 2014.

The JV estimates its operation revenue to reach RMB 3.6 billion in the third year.

In 2011, Chinasoft saw its operation revenue increased 40.1% year on year to RMB 2.24 billion, source reported.

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