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China TechFaith Subsidiary To Sell Charm Faith Limited

China TechFaith Wireless Communication Technology Limited (CNTF) announced that Techfaith Wireless, a subsidiary of the company, has entered into a share purchase agreement with an unrelated third party, pursuant to which TechFaith Wireless will sell its 100% ownership in Charm Faith Limited, a wholly-owned subsidiary of TechFaith Wireless, for a total consideration of RMB 710 million.

TechFaith expects to use the proceeds from the sale for general corporate purposes, further development of its ruggedized smart devices business and the reinvestment into new office space development opportunities.

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