Huawei Technologies has invested 10 billion yuan (US$1.42 billion) in Shanghai to establish a new research center for chips, wireless and the Internet of Things.
The research center, which is located in Qingpu District, covers 100 hectares. It will become a world-class tech research center, according to the local government.
The center will boost technological innovation in the whole Yangtze River Delta region.
It will improve Huawei’s research abilities for 5G, smartphone, telecommunications and the Internet of Things devices.
The decision comes after the tech giant was added in the US “Entity List,” which forbids it to buy products and components from American suppliers.
Huawei posted revenue growth of 23.2 percent in the first half.
It will spend 120 billion yuan on research and development this year to “invest in the future,” said Huawei’s Chairman Liang Jun.
Video Source: Money Talks