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(Sharecast News) - US chipmaker Qualcomm traded lower on Friday after Chinese regulators said they would investigate its acquisition of Israeli firm Autotalks, adding to tensions between Washington and Beijing ahead of high-level talks later this month.
China's State Administration of Market Regulation said it suspects Qualcomm of breaching anti-monopoly laws in relation to the deal, which officially closed in June.
In a brief statement, the SAMR confirmed it would initiate a formal investigation into the company, which supplies chips to major Chinese smartphone makers, including Xiaomi.
As of 1415 BST, Qualcomm shares were down 1.21% in pre-market trading at $163.65 each.
Reporting by Iain Gilbert at Sharecast.com
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