Chinese cell phone designer China TechFaith Wireless Technology Ltd. said Thursday it will spend $70 million to build a smart phone manufacturing plant in Beijing.
The company said its new facility will be set up primarily to build phones designed by QiGi, a company China TechFaith bought last year for about $12.5 million. It expects construction to last about five years.
China TechFaith is partnering with state-owned Beijing E-town International Investment and Development Co., which will invest $30 million in the form of a convertible bond.
U.S.-traded shares of China TechFaith rose 16 cents, or 4.9 percent, to $3.46 in midday trading Thursday.
