BEIJING, Jan. 6, 2011 /PRNewswire-Asia/ -- China TechFaith Wireless Communication Technology Limited (Nasdaq: CNTF) ("TechFaith" or the "Company") today announced that its Chairman and CEO, Mr. Defu Dong, purchased approximately 143,000 ADSs on the open market during the month of December 2010. As of December 31, 2010, Mr. Dong held ADS, ordinary shares and options exercisable to ordinary shares representing approximately 31.66% of the total outstanding ADS in China TechFaith Wireless.
Chairman and CEO, Mr. Dong, has indicated his intention to purchase additional ADSs through open market and privately negotiated transactions. The timing and amount of such purchase transactions will depend on market conditions and corporate and regulatory considerations.
Mr. Defu Dong, Chairman and CEO of TechFaith said, "I believe TechFaith is undervalued. I decided to increase my ownership based on my confidence in the Company's market position and my belief in its continued growth prospects."
About TechFaith (NASDAQ:CNTF)
TechFaith (NASDAQ: CNTF) is a China-based original developed product ("ODP") provider focused on the original design and sales of mobile phone products. TechFaith aims to become a branded mobile phone specialist in differentiated market segments in the China market. TechFaith is also striving to build a leading PC and online gaming business through its wholly-owned subsidiary, 798 Entertainment Limited.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "outlook" and similar statements. Among other things, the business outlook and strategic and operational plans of TechFaith and management quotations contain forward-looking statements. TechFaith may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about TechFaith's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in TechFaith's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. TechFaith does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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