Taipei - China Mobile, China's largest cellphone company, signed a strategic alliance agreement with Taiwan's Far East Tone Wednesday, becoming the first Chinese firm to invest in Taiwan's telecommunications business.
The signing ceremony was in Hong Kong, while Far East Tone Chairman Douglas Hsu spoke to reporters in Taiwan via a video link.
Hsu said that China Mobile will pay 17 billion Taiwan dollars (524 million US) to buy 444 million shares of Far East, gaining 12 per cent stake and one board director's seat in Far East Tone.