Qualcomm and Xiaomi announced that they have reached a patent-licensing agreement whereby Qualcomm will give Xiaomi a royalty-based license to develop, manufacture and sell 3G (WCDMA and CDMA2000) and 4G, including 3-mode (LTE-TDD, TD-SCDMA and GSM), complete devices, reported the Wall Street Journal on December 2. However, the financial terms of the deal with Xiaomi were not disclosed. Qualcomm declared the company has inked deals with four of the top five smartphone vendors in China. Qualcomm gained US$6.6 billion in profit from licensing business in 2014, compared with US$3.8 billion for its chip business, according to the report.