On November 3, reports surfaced that ZTE Corporation was in talks with a major internet company over cooperation in its mobile phone business. The plan reportedly involved packaging ZTE's mobile phone business into a joint venture funded by ZTE, the internet company, and Shanghai state-owned capital. Sources close to the matter said the internet company planned to invest approximately 8 billion yuan, while ZTE sought a valuation of about 40 billion yuan for the business. The final valuation, shareholding structure, and transaction method were still under discussion. ZTE Corporation said the reports were "not true."