Benzinga | May 5, 2021 08:15AM EDT

Borqs Technologies Says Began Construction Of R&D And Manufacturing Facilities At 5G Industrial Park Project in Huzhou, China

Borqs Technologies, Inc. (NASDAQ:BRQS, &quot, Borqs&quot, , or the &quot, Company&quot, ))))), a global provider of embedded software and products for the Internet of Things (IoT), today reported that the Company has started construction with matching funds from the Huzhou South Taihu New Development Authorities 5G Industrial Park Project (the "Huzhou 5G Project") for a R&D center and manufacturing facilities to be completed within the second calendar quarter of 2021.



Construction and renovation activities which began in January 2021 kicked off the first phase of cooperation between Borqs and the Huzhou 5G Project that was signed on November 28 last year, in which the Company will be provided a rent-free facility of 5,500 sq.mtr. for 2.5 years. Borqs will recruit engineers and technicians for the facilities beginning in June 2021. Once completed, the Company will aim to reduce operational costs by gradually bringing in-house at Huzhou manufacturing activities that are currently outsourced.