"The shanzhai have become a major industry in China (and to a lesser degree in India) employing millions of people. At the CDMA conference we attended the deputy governor of Guangzhou province noted there were 100 companies making CDMA phones, employing 100,000 people. And that’s just for CDMA, and just in one province."

Jonathan Goldberg, CFA
Deutsche Bank
June 20, 2011