Foxconn announced a joint venture with NetDragon Websoft and Vision Knight Capital Fund to make inroads into the Internet education application market in China, as reported by Taiwan's Central News Agency on October 30. A MOU has been signed by Foxconn's subsidiary Foxteq Holdings, agreeing to jointly place US$33 million initial capital for the venture before March 15, 2014. NetDragon Websoft will be the largest shareholder, owning 49% stake, while Foxteq Holdings and Vision Knight Capital Fund each has 45% and 6%. Foxconn will produce tablets catered to the Chinese and Asian education market with NetDragon Websoft's experience in software development.