Lenovo’s mobile division is working on releasing a new version of their OPhone. Dubbed the O1, it is reported to be China’s first 3G phone.

Much like in the U.S., there will be subsidizing available to bring the entry price of the phone down quite a bit. Unlike the U.S., people essentially deposit about 80% of the value of the phone into their mobile phone accounts and agree to use a certain amount of that credit each month for 2 years. In the end, they always get your money.

The OPhone O1 actually announced back in September, but is just now being released to market.

A few weeks ago, Lenovo announced they would be buying back their mobile division for more than twice what  it was sold for 2 years ago.