Manufacturing News

China to Build Three Manufacturing Innovation Centers, Shares of Related Firms Soar

(Yicai Global) Nov. 7 — Shares of Chinese firms in the graphene, virtual reality and ultra-high-definition video industries surged today, following the government’s decision to build three national-level manufacturing innovation centers related to the three sectors.

Shenzhen-based Ofilm Group [SHE: 002456] surged by the daily 10 percent limit to close at CNY5.45 (USD0.8).

The main entity responsible for building the innovation center for the VR industry is an Ofilm-affiliated firm, in which Ofilm owns a 20 percent stake, news outlet the 21st Century Business Herald reported today, citing Oflim’s investor relation department.

With support from the Nanchang Virtual Reality Institute, a national VR innovation center will be built in Nanchang, Jiangxi province, the Ministry of Industry and Information Technology said in a statement published on its website today.

The center will carry out key technology research and development, testing, and verification while offering technical services as well as talent training and international cooperation, the ministry noted.

A national graphene innovation center will be built in Ningbo, Zhejiang province, relying on a firm called Ningbo Graphene Innovation Center, the MIIT noted, adding that a national UHD video innovation center will be set up with the backing of a Chengdu, Sichuan province-based startup.

Deluxe Family [SHA: 600503], a Shanghai-based property and scientific and technological industry investment firm, also rose by the daily limit of 10 percent today to end the day at CNY2.88. Deluxe Family holds about 1 percent stake in Ningbo Graphene Innovation Center, the news outlet said.

Business registration data showed television maker Sichuan Changhong Electric is the Chengdu-based startup’s fourth largest shareholder and set top box maker Sichuan Jiuzhou Electronic is its sixth biggest shareholder. Changhong [SHA: 600839] shares gained 1.9 percent to CNY2.76 today, while Jiuzhou [SHE: 000801] rose by 1.7 percent at CNY8.32.

The MIIT will work with local departments to advance the construction of the three innovation centers, enhancing technical innovation ability and providing strong support for the development of key areas of the manufacturing industry, it said in the statement.

Editor: Peter Thomas

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