Borqs Technologies is Gearing-up for the Immense 5G Market Opportunities in India
18 Agosto 2022 - 10:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, provides the
following updates on the Company.
The Company has successfully signed a set of
revised licensing agreements with the world’s leading mobile
chipset vendor, which includes purchasing the 5G patent licensing
agreement and use of the latest mobile chipsets. Borqs’ R&D
team and sales team in India are working closely with partners and
customers to build the 5G ecosystem in India, including the
development of 5G phones, 5G gateways for residential and business
premises, and other devices. Borqs has shipped more than 10 million
wireless devices in India, including phones, tablets, wireless
routers, and IoT products.
According to the latest information from the
India Minister of Electronics & Information Technology, 5G will
be ready to be deployed by March 2023. It is expected all three
mobile operators in India (Reliance Jio, Airtel and Vodafone Ideal)
will launch the services around the same time. India is likely to
be among top three global markets for 5G. India will have 500
million 5G users by 2027, accounting for 39% of all mobile
subscribers. See references below.
Borqs currently employs approximately 300 staff
worldwide, with more than 73% in India, 7% in the US, and 20% in
China and other markets. The Company believes that the India market
is strategic and critical to the Company’s business. Historically
the India and the U.S. markets have been contributing the majority
of revenues to the Company.
India is one of the fastest growing economies in
the world, and offers great potential for business opportunities.
As the benefits of India’s economic growth, an increasing number of
people are moving up to the middle class, with rising disposable
income. India's middle class is expected grow to 580 million people
by 2025. Under the growing consumer spending trend in India, Borqs’
relationship with the largest India mobile operator will continue
to help the Company to expand its IoT products in India.
References:https://www.indiatoday.in/technology/news/story/when-will-5g-launch-in-india-here-is-what-we-know-so-far-1980670-2022-07-27
https://www.business-standard.com/article/economy-policy/india-to-account-for-15-of-global-market-for-5g-telecom-gear-122080301581_1.html
https://www.livemint.com/industry/telecom/indias-5g-subscriber-base-expected-to-reach-500-mn-by-2027-11638301188656.html
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
a solar energy storage systems company in the U.S.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
Sandra DouVice President of Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
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