Business
UTime Announces Plans to Build Smart Telecom Device Production Base in Nanning, China
NEW YORK, Oct. 6, 2021 /PRNewswire/ -- UTime Limited ("UTime" or the "Company") (Nasdaq: UTME) announced that on October 6, 2021, the People's Government of
About this update from Utime Limited
[{"type":"text","content":"NEW YORK, Oct. 6, 2021 /PRNewswire/ -- UTime Limited (\"UTime\" or the \"Company\") (Nasdaq: UTME) announced that on October 6, 2021, the People's Government of Jiangnan District in Nanning City and United Time Technology Co., Ltd. (\"UTime SZ\") signed an investment agreement on the establishment of the production line of smart telecom devices (the Nanning Production Base) in accordance with which, UTime SZ agreed to establish manufacturing facilities to produce smart telecom devices in Nanning, China.\nLocated in the National Manufacturing Trade Industrial Park of Nanning City, the Company is expected to invest approximately RMB150 million to build and operate the Nanning Production Base, with 6 Siemens Series D surface mount lines, 8 mobile phone assembly lines and 2 or 3 smart wearables production lines to be installed in the planned new plants covering approximately 20,000 square meters. In addition to mobile phones, the Company plans for a new generation of smart wearables to roll off the production line at the Nanning Production Base. In exchange for this investment, the Jiangnan Government agreed to provide certain economic incentives to the Company to support its operations at the Nanning Production Base.\nMinfei Bao, Chairman and CEO of the Company, noted that the original intention of building the Nanning Production Base is to vigorously develop the Company's new generation of smart telecom devices. Taking advantage of the geographical position of Jiangnan District of Nanning City and the industrial cluster effect, the Company believes it can use the Nanning Production Base to reduce costs, increase efficiency, and strengthen its research and development (the \"R&D\") and production capabilities. In addition, establishing the new production base allows the Company to improve its ecosystem in the industry chain in a fluctuating economic landscape, and provide global customers with cost-effective smart telecom products in a way that's more stable and consistent.\nAbout UTime SZ\nUTime SZ, the Chinese variable interest entity of the Company, was incorporated in 2008. After years of rapid development, UTime SZ has grown into an international communications company. UTime SZ has a complete industrial chain from printed circuit board assembly, assembling, production to sales. Meanwhile, UTime SZ provides product customizati...