Chipmaker Qualcomm (QCOM - Get Report) wants to increase its exposure in China by tapping into the entry-level smartphone market through a joint venture with a local firm, company President Derek Aberle said on Friday.

San-Diego based Qualcomm will partner with Leadcore Technology, a subsidiary of Beijing-backed Datang Telecom, a Chinese telecommunications equipment group.

"China is a very large market for smartphones ... It's actually difficult for any company including Qualcomm to be able to work with and support all of the customers in a market that is that large. One of the reasons for the [Qualcomm-Leadcore] joint venture is actually to partner with local companies to support smaller local companies there," Aberle told reporters in Taipei.

Shares of Qualcomm were climbing nearly 1% higher during late morning trading on Friday.

What's Hot On TheStreet:

Well OK then, Jeff Immelt: General Electric's (GE - Get Report) outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR - Get Report) CEO might have made about Amazon (AMZN - Get Report) who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.

Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.

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