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.
Located 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.
Minfei 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.
About 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 printed circuit board
assembly, assembling, production to sales. Meanwhile, UTime SZ
provides product customization services for many internationally
renowned brands and telecom operators. The Company has been listed
in the United States since
April 6, 2021. In the future, the
Company will also invest more resources in the R&D and design.
In addition to telecom products, the Company will also work on
developing smart audio devices, earphones and other products.
For more information, please visit the Company website at
http://www.utimeworld.com/.
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SOURCE UTime Limited