- The stock price of Borqs Technologies Inc (NASDAQ: BRQS) increased by over 6% during intraday trading this morning. This is why it happened.
The stock price of Borqs Technologies Inc (NASDAQ: BRQS) – a global provider of embedded software and products for the Internet of Things (IoT) and a portfolio company of Qualcomm Technologies – increased by over 6% during intraday trading this morning. Investors are responding positively to the company reporting that it has signed a supplementary agreement with the Huzhou South Taihu New Development Commission.
As part of the deal, Borqs is granted land use rights to 240 Chinese acres (equivalent to 1.7 million sq. ft.) to build a 5G Industrial Park, specifically for 5G mobile technologies R&D and incubation activities, IoT products manufacturing, and showcases along with hosting facilities for visitors. And the first phase of product assembly facilities has already begun and is anticipated to be operational by the end of June 2021.
Borqs is in cooperation with the Huzhou authorities for development of the latest mobile technologies and IoT products. And this award is 1 of only 5 of these types of grants made by Huzhou to commercial enterprises. The 1.7 million sq. ft. of land use rights will be provided to Borqs at the lowest allowable pricing. And the company is authorized to manage all procurement of the project including the solicitation of real estate developers and business participants, and is also anticipated to recruit graduates from the academic institutions in the Huzhou area.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
