NEW YORK-Mobile handset design company China TechFaith Wireless Communication Technology Ltd. scored around $141 million in its initial public offering Thursday, coming in at the high range of its expectations.
The company’s stock was down slightly in its second day of trading to about $15 per share. TechFaith trades under the CNTF symbol.
TechFaith is an independent mobile handset design house in China. The company offers design services, including industrial design, mechanical design, software design, hardware design, component selection and sourcing, prototype testing, pilot production and production support. The company offers GSM handsets using technology platforms from Philips, Texas Instruments and Skyworks Solutions and recently expanded into W-CDMA and CDMA through teamings with NEC Corp. and Qualcomm Inc.
The company’s customers include Chinese mobile handset brand owners Bird, Haier, Konka and Lenovo and international handset vendors Alcatel, Kyocera, Mitsubishi, NEC and UTStarcom.
Since the company’s inception in July 2002, it has designed a total of 58 handset models. The company recorded revenues of $46.6 million and a net income of $18.2 million in 2004. In 2003, the company scored net revenues of $9.7 million and net income of $5 million.
