SANTA CLARA, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, the “Company”), a global provider of embedded software and products for the Internet of Things (IoT), today reported that the Company has signed an MOU with the Board Committee of Huzhou South Taihu New Area for a 5G Industrial Park Project.
The company intends to setup a Joint Venture in South Taihu New Area in the near term which will serve as Borqs’ China headquarters for 5G activities, including sales, R&D center, and manufacturing.
This project will be implemented in two phases. First, a 5G R&D center and up to 10 micro-electronics manufacturing lines will be established. The Joint Venture will be provided rent-free facilities of 5,500 square meters for two and a half years. In the second phase, the local government authority will construct a Borqs 5G Industrial Park and the Joint Venture will be granted 13,000 square meters of land for commercial and residential use.
The Company’s operations within the area will also enjoy government supported manufacturing supply chain financial assistance, favorable equipment leasing programs, a series of local grants and local tax incentives.
The Company expects to sign the definitive agreement of cooperation in the very near future.
About Huzhou South Taihu New Area of Zhejiang province, China
The South Taihu New Area of Huzhou City was officially established on June 2, 2019, and is one of the four new areas established by the provincial government. It is located in the northern part of Zhejiang Province at the south shore of the beautiful Taihu Lake, with a total planning area of 225 square kilometers. Accessible by high speed railway and five express highways, the area is also connected with the inland water transportation channels in China. There are four international airports around the new area, including Hongqiao and Pudong in Shanghai, Xiaoshan in Hangzhou and Lukou in Nanjing.
About Borqs Technologies, Inc.
Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio.
Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products for phones and hotspots.