Qualcomm settles Chinese anti-trust probe, pays record fine
Chip-maker agrees to hand over $975m, reduce royalty fees
US-based mobile chip-maker Qualcomm will pay a record $975m to Chinese regulators to settle a 14-month probe into anti-competitive activities, Reuters reported.
The fine, said to be the largest in China's corporate history, is part of a settlement that also requires Qualcomm to reduce its patent royalties.
"[The settlement] removes a significant source of uncertainly from our business and positions our licensing group to really participate in the full growth of the wireless market in China," said CEO Steve Mollenkopf. "It's something we're happy is over."
The news was welcomed by investors and Qualcomm stock was up 2.8% to $69 in after-hours trading yesterday.