Borqs Technologies Inc: Rises after signing official agreement for 5G Industrial Park in China

Borqs Technologies

02/12/2020 13:07

** Shares of maker of connected devices  BRQS.O  up 6.4% at
$1.15 in premarket trading - set to snap two-day losing streak
    ** Says signed official agreement for a 5G Industrial Park
Project in South Taihu New Area Of Zhejiang Province in China
 urn:newsml:reuters.com:*:nGNX969nQG
    ** Says project will be implemented in two phases and co
will immediately setup joint-venture operational facilities in
the South Taihu New Area for its 5G activities
    ** Local government will reimburse the costs of relocation
and provide grants for purchasing and leasing of equipment
needed to set up the facilities -Borqs 
    ** CEO Pat Chan says the timing of this support is crucial
as the co plans to ramp up its product sales in 2021
    ** Up to Tuesday's close, stock had fallen ~40% so far this
year

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))