Borqs Technologies Signs Letter of Intent to Acquire Electric Vehicle Control Company
Borqs Technologies, Inc. - Ordinary Shares (BRQS)
US:NASDAQ Investor Relations:
borqs.com/investors-relations
Company Research
Source: GlobeNewswire
SANTA CLARA, Calif., Jan. 10, 2018 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq:BRQS) (the “Company”), a global leader in embedded software and products for the Internet of Things (IoT), announces the signing of a Letter of Intent (“LOI”) to acquire 60% of Shanghai KADI Machinery Technology Co., Ltd (“KADI”). KADI was found in 2006 and develops embedded software and hardware for core electric control modules of electric vehicle (“EV”). KADI’s current products include DCDT (boost function), OBC (charger system), BMS (battery management system) and VCU (main controls). Since its formation, KADI has partnered with the leading automotive companies of China, including Geely Auto, TRW, Chery, Dong Feng Motors, and Shanghai Volkswagen. The founder of KADI, Dr. Hu Lin, is a veteran in China’s automotive industry with near 20 years of professional experience working with world-renowned entities including Volkswagen and Delphi. KADI has been awarded a Rmb 320 million (US$48.5 milli
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