HONG KONG, Aug. 8, 2022 /PRNewswire/ -- Hong Kong Aerospace Technology Group Limited (01725. HK) has been actively preparing for mass production since the beginning of this summer, following the signing of fit-out contracts for the construction of the Satellite Manufacturing Center, and the Satellite Operation Control and Application Center at the Advanced Manufacturing Center (AMC) in Tseung Kwan O, the Group announced on 3 August 2022, that its indirect wholly-owned subsidiary of the Company, Gang Hang Ke (Shenzhen) Space Technology Co., Ltd (hereafter referred to as "SZ Gang Hang Ke") entered into the 36T-01 satellite manufacturing and assembly, integration, and testing (''AIT'') agreement with Hunan Saide Leite Space Technology Co.Ltd. (hereafter referred to as "Saide Leite''), according to which Saide Leite agreed to engage SZ Gang Hang Ke to carry out manufacturing and AIT project for 3 optical satellites.
According to the Agreement, SZ Gang Hang Ke shall be responsible for, among other things, formulating relevant plans under the manufacturing and production requirements, carrying out comprehensive and effective quality management and control over the manufacturing, production, and testing process, and ensuring that the three optical satellites and their relevant technical information will be delivered after the completion of AIT services on or before 30 June 2023. It is known that Saide Leite is a private limited company from mainland China, mainly engaged in engineering, technology research, and experimental development, technology development, technology consultation, technology exchange, technology transfer, technology promotion, satellite mobile communication terminal manufacturing, etc.
Increase market share
SZ Gang Hang Ke is an indirect wholly-owned subsidiary of the Group, and it is the only authorized docking agency on the mainland. Its main business scope includes the development, sales, and leasing of space robots, the design of space technology solutions, etc. The collaboration between SZ Gang Hang Ke and Saide Leite means a lot to the Group, as it introduces Saide Leite as an important business partner for HKATG.
With the technical advantages of Saide Leite, the deeper exchanges between the two parties will further promote the commercial aerospace territory. At the same time, this cooperation also represents the deepening ties between China and Hong Kong. It echoes the idea of the Hong Kong SAR government to "Strengthen exchanges and cooperation between the two places in the area of innovation and technology, including technology trade, integrating Hong Kong into national development", and further enhances the influence of HKATG in the industry.
Strategic cooperation One by one
The global economy has not yet fully recovered from the pandemic, together with the current inflation surge, which poses negative effects on a company's ability to effectively invest capital in business plans. That said, as the first and only commercial aerospace enterprise in Hong Kong, HKATG has not slowed down since the beginning of the year and the Group has been actively expanding the direction of strategic cooperation. This year, the Group entered a letter of intent with the School of Engineering of the City University of Hong Kong, and also signed a strategic cooperation agreement with the Shandong Institute of Industrial Technology. Last month, HKATG announced the appointment of two directors, Dr. Mazlan Binti Othman and Mr. Niu Aimin, demonstrating its determination and willingness to promote the internationalization of the aerospace industry and aerospace applications, opening up new industrial paths for Hong Kong's economy, making up for the regional commercial gap in the space industry, and pushing the development of the global aerospace industry to the next level.
Having the advantages of the right place and the right place, HKATG will further explore competitive partners in the aerospace industry, to enhance Hong Kong's status as an international innovation and technology innovation center outlined in the 14th Five-Year Plan.
Source: Hong Kong Aerospace Technology Group Related Stocks: HongKong:1725