Posts Tagged ‘Money Trap’
Kyocera Leaving Chinese Cell Phone Market
Even when China is adding millions of new cellphone users per month, some companies still can find a way making money. Kyocera is the latest victim of the China Money Trap.
Kyocera Corp. is exiting the Chinese cell phone market after a joint venture failed to deliver strong sales, Nikkei English News reported, without citing anyone.
The Kyoto, Japan-based company is handing over 45 percent of its 70 percent stake in Kyocera Zhenhua Communication Equipment Co. at no cost to partner China Zhenhua Science & Technology Co., the news service said.
The other 25 percent will go to a Hong Kong-based cell phone sales firm, also at no cost, Nikkei said. Both transactions are to be completed by the end of March, the news service said.
Kyocera will also give up about 57.6 million yuan ($8 million) in loan claims, the news service said.
