Amoi center targets new business

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Last updated at: (Beijing Time) Monday, March 22, 2004

Amoi center targets new business

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Amoi Electronics Co Ltd, a leading Chinese consumer audio and video equipment and mobile phone provider, said yesterday it would officially open a research and development center in Shanghai on March 30 to expand its business scope to digital cameras and TVs, and 3G handsets.

The Xiamen-based company, which is listed in Shanghai yuan-denominated A-shares stock market, has injected 35 million yuan (US$4.21 million) to build the center, aiming to develop new technology used in digital cameras, mobile phones, notebooks and digital televisions.

The R&D center, located in Zhangjiang High-Tech Park, occupies 7,000 square meters, where more than 500 engineers will work.

"We choose Shanghai because of its rich talent resource and an investment-friendly environment here," said Wang Zhiquan, Amoi's spokesman.

Amoi plans to debut its digital camera products under its own brand in the market in the second half of this year. In addition, the company will promote its third generation telecommunication, or 3G, handsets, by the end of this year.

Digital cameras, 3G handsets and digital TVs are the new products for Amoi, which now mainly focuses on the making of DVD players and mobile phones.

Industry insiders said that Amoi diversified its business as the profit margin on its current products is declining amid fierce competition in the industry.

In the first nine months last year, Amoi's net profit jumped 46.43 percent year-on-year to hit 544.43 million yuan. Its revenue nearly doubled to reach 5.32 billion yuan from a year ago. Its 2003 annual report is due on the coming Saturday.

Source: Xinhua

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