Exhibit 21.1 ------------ List of Subsidiaries and Foreign Affiliates ------------------------------------------- and Percentage of CellStar Corporation's Ownership /1/ -------------------------------------------------- (as of February 23, 2000) Name of Subsidiary Incorporation - ------------------ ------------- National Auto Center, Inc. Delaware CellStar Financo, Inc. Delaware CellStar Air Services, Inc. Delaware A&S Air Service, Inc. Delaware CellStar Telecom, Inc. Delaware CellStar Fulfillment, Inc. Delaware CellStar International Corporation/Asia Delaware CellStar International Corporation/SA Delaware NAC Holdings, Inc. Nevada Florida Properties, Inc. Texas Audiomex Export Corp. Texas CellStar, Ltd. Texas Limited Partnership CellStar Fulfillment, Ltd. Texas Limited Partnership CellStar Global Satellite Services, Ltd. Texas Limited Partnership CellStar, S.A. Argentina CellStar Argentina, S.A. Argentina CellStar Foreign Sales Corporation Barbados CellStar International Telefonia Celular Ltda. Brazil CellStar do Brasil Ltda. /2/ Brazil Saporito Holdings, Inc. British Virgin Islands Soverign Eagle Investment Company British Virgin Islands Gingham Management Limited Bahamas Sizemore International B.V. Netherlands Antilles CellStar Celular Chile, S.A. Chile CellStar de Colombia, S.A. Colombia - ----------------------------------------- /1/ 100%, unless otherwise stated. /2/ 51% owned. Name of Subsidiary Incorporation - ------------------ ------------- CellStar Ecuador, S.A. Ecuador CellStar Telecommunications Service Hong Kong (Asia) Limited /3/ CellStar (Asia) Corporation Limited Hong Kong HCL-CellStar Ltd. /4/ India CellStar Ireland Ireland CellStar Amtel Sdn Bhd /5/ Malaysia Sunrise Mobil Sdn Bhd Malaysia Celular Express S.A. de C.V. Mexico CellStar Celular C.A. Venezuela CellStar Mexico S.A. de C.V. Mexico Celular Express Management S.A. de C.V. Mexico Shanghai CellStar International Trading Co. Ltd. Peoples Republic of China Shanghai Fengxing CellStar International Peoples Republic of China Trading Co. Ltd. Shenzhen CellStar Honbo Telecommunication Peoples Republic of China Co. Ltd. /6/ CellStar del Peru, S.A. Peru CellStar Philippines, Inc. Philippines CellStar Poland Spolka zo.o. Poland CellStar Pacific Pte. Ltd. Singapore CellStar Singapore Pte. Ltd. Singapore CellStar Holding AB Sweden CellStar-Intercall AB Sweden CellStar Telecommunications Taiwan Co. Ltd. Taiwan CellStar (UK) Ltd. United Kingdom CellStar Netherlands Holdings, B.V. The Netherlands CellStar Netherlands, B.V. The Netherlands CellStar Celular, C.A. Venezuela - ------------------------------------------------ /3/ 60% owned. /4/ 50% owned. /5/ 30% directly owned and 19% beneficially owned. /6/ 51% owned.