Nokia CEO Stephen Elop announces the launch of the company's new Lumia 800C smartphone in Beijing, China, Wednesday, March 28, 2012. Struggling cellphone maker Nokia launched its first smartphone design for China on Wednesday, looking to the world's biggest mobile market to help drive a turnaround.(AP Photo/Ng Han Guan)
NEW MARKET: Nokia Corp. launched its first smartphone for China.
THE SIGNIFICANCE: The struggling cellphone maker is looking to the world's biggest mobile market to help drive its 1-year-old turnaround effort. Nokia is one of China's most prominent brands but its market share has slipped amid intense competition from Apple, Samsung and others.
DETAILS: The Lumia 800C will go on sale in early April for 3,599 yuan ($570). It will be supported by China Telecom Ltd., one of the country's three major state-owned carriers.