Dong Guan Hong Yuen Electronics Co Ltd executives sign up to cooperate with the Nantong National High-tech Industrial Development Zone. [Photo/WeChat account: wxntfb]

A project to build a high-end integrated circuits substrates plant, funded by Dong Guan Hong Yuen Electronics Co Ltd to the tune of 5 billion yuan ($745.37 million), signed up to settle in the Nantong National High-tech Industrial Development Zone on June 29.

The zone is located in the Tongzhou district of Nantong city in East China's Jiangsu province and the company is a wholly-owned subsidiary of China Aerospace International Holdings Ltd, or CASIL.

Wu Xinming, deputy Party secretary and mayor of Nantong, attended the signing ceremony and met with CASIL executives including Zhou Limin, Party committee secretary and CASIL chairman.

Wu gave a presentation on Nantong's economic development, explaining that semiconductors was a strategic emerging industry that the city was prioritizing.

The mayor added that the construction of the plant would play an important role in solving key problems existing in China's IC industry and further improving Nantong's industrial supply chain, making it of great significance to regional economic development.

CASIL chairman Zhou Limin thanked the Nantong municipal Party committee and the municipal government for their support and praised Nantong's business environment and development momentum.

He said that in the future, Hong Yuen Electronics would serve the development of Nantong, speed up the project's construction and promote the development of the IC industry.

Focusing on the research, development, manufacturing and sales of high-end electronic components such as IC substrates, Hong Yuen Electronics supplies the communications sector, as well as the automotive, consumer, industrial, medical sectors and other fields.

Plans are for Nantong to carry out strategic cooperation with CASIL at a higher level and in a wider range of fields.