CHANGZHOU, China, May 25, 2017 /PRNewswire/ -- AAC Technologies Holdings formally inked an agreement on May 16, 2017 that calls for an investment of US$500 million in establishing a facility for the production of high-performance optical lenses in Changzhou Comprehensive Bonded Zone. Government officials from the city of Changzhou, as well as members of Changzhou National Hi-Tech District's top management, among them Changzhou city mayor Ding Chun, Changzhou High-Tech Park Party Work Committee secretary Zhou Bin, Changzhou National Hi-Tech District administration committee director Chen Zhengchun, Changzhou Xinbei District vice-director Wang Yuwei and Changzhou Xinbei Industrial Zone vice-director Xu Yawei, attended the signing ceremony.
Founded in 1993, AAC Technologies listed on the Stock Exchange of Hong Kong in 2005 (stock code: 2018.HK) and has become one of the world's leading providers of integrated micro component solutions for the communications and consumer electronics markets, providing customers with innovative technology solutions in acoustics, haptics, wireless R&F and optics. As an industry leader, the company maintains strategic partnerships with several of the world's top brands, and its products are used in a wide variety of consumer electronics, including smartphones, tablets, ultra-thin notebooks and wearable devices. The company has 20 R&D centers, over 800 senior R&D engineers and more than 1,726 patents. It generated sales of nearly US$2.0 billion for 2016.
The US$500 million high-performance optical lens production facility, established by AAC Technologies with a registered capital of US$168 million, will focus on the production, research and development of new electronic components and ultra-precision molds, including high-performance optical lens. The facility is expected to increase revenue by more than 10 billion yuan (approx. US$1.45 billion) over the next five years.
According to sources, following a transformative upgrade of the original export processing zone, Changzhou Comprehensive Bonded Zone has aggressively developed its bonded processing, logistics and services, relying on its functional advantages as a special customs area. The bonded zone has been aggressively growing its advanced manufacturing and modern service sectors, as well as bringing together a pool of resources by strategically attracting production resources that contribute to the formation of a complete industry chain, while diversifying development paths by taking advantage of favorable government policies.
The signing of the agreement for the high-performance optical lens facility, a key win for Changzhou National Hi-Tech District this year, demonstrates the ability of the district to capture projects that contribute to the build out of a meaningful industry cluster, while further enhancing the development potential of both Changzhou National Hi-Tech District and Changzhou Comprehensive Bonded Zone through their prime location in terms of logistics as well as their access to talent and capital. The district and the zone work hand in hand in accelerating the transformation of Changzhou into a regional economic powerhouse.
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SOURCE The Public Promotion Department of Changzhou Xinbei District Commission of CCP