A new company has been formed in Shanghai to develop the third-generation telecommunications technology, it was announced Monday.

The new Shanghai Yumeng Technology's parent companies are Japan's Matsushita Communication Industrial Company, Nippon Electric Company (NEC) and China's Guangdong Huawei Technology Company.

The joint-venture registered capital of eight million US dollars with 47 percent from Matsushita and NEC respectively, and six percent from Huawei.

The new company, which will start operations at the end of this month, is aiming to speed up the development of communications technology and the mobile Internet on the worldwide market.

(People's Daily June 4, 2002)