UTime announces plans to build smart telecommunications device production base in Nanning, China
NEW YORK, Oct. 6, 2021 / PRNewswire / – UTime Limited (“UTime” or the “Company”) (Nasdaq: UTME) has announced that the October 6, 2021, Jiangnan District People’s Government in Nanning City, and United Time Technology Co., Ltd. (“UTime SZ”) signed an investment agreement on the establishment of the production line of intelligent telecommunications devices (the production base of Nanning) under which, UTime SZ agreed to establish facilities manufacturing to produce smart telecommunications devices in Nanning, China.
Located in Nanning City Manufacturing Trade National Industrial Park, the company is expected to invest approximately 150 million RMB to build and operate the production base in Nanning, with 6 Siemens D-series surface assembly lines, 8 mobile phone assembly lines and 2-3 smart clothing production lines to be installed in the planned new factories covering around 20 000 square meters. In addition to mobile phones, the company expects a new generation of smart wearable devices to roll off the production line at the Nanning production base. In return for this investment, Jiangnan’s government agreed to provide certain economic incentives to the company to support its operations at the Nanning production base.
Minfei Bao, chairman and chief executive officer of the company, noted that the initial intention to build Nanning’s production base is to vigorously develop the company’s new generation of intelligent telecommunications devices. Taking advantage of the geographical position of Jiangnan District in Nanning City and the industrial cluster effect, the company believes that it can use the Nanning production base to reduce costs, increase efficiency and strengthen its research capabilities and development (“R&D”) and its production capacities. . In addition, the establishment of the new production base enables the Company to improve its ecosystem in the industrial chain in a fluctuating economic landscape and to provide global customers with cost-effective smart telecommunications products in a more stable and consistent manner. .
On UTime SZ
UTime 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 PCB assembly, assembly, production to sale. Meanwhile, UTime SZ provides product customization services to many internationally renowned brands and telecom operators. The Company is listed in United States since April 6, 2021. In the future, the company will also invest more resources in R&D and design. In addition to telecommunications products, the Company will also work on the development of smart audio devices, headphones and other products.
For more information, please visit the company’s website at http://www.utimeworld.com/.
SOURCE U Limited time