Asian tech firms bring life to smartphone race

THREE Asian companies injected fresh competition into the smartphone industry yesterday, boosting British chip firms Imagination Technologies and ARM Holdings.

LG, ZTE and Lenovo all outlined a focus on competing with the likes of Apple and Samsung, and said they anticipate better sales of high-end devices this year.

China’s Lenovo, which is likely to become the world’s biggest computer seller this year, reported a 34 per cent rise in quarterly profits, but said it would protect itself from a global PC slowdown by trying to sell more devices in mature markets.

ZTE, also based in China, said it expects a 50 per cent leap in smartphone shipments this year while Korean firm LG saw smartphone sales rise as its TV division suffered a decline.

The news, as well as an upgrade from Morgan Stanley, boosted graphics chip designer Imagination, which saw shares rise by 11.18 per cent. ARM, which also makes smartphone chips, rose as much as 2.3 per cent finishing half a per cent up.