(Yicai Global) March 30 -- Han's Laser Technology Industry Group, a Chinese supplier of industrial laser equipment, said it plans to speed up its overseas expansion by spending as much as USD60 million setting up a subsidiary in the United States.

The new subsidiary will research, develop, produce, sell, and consult on support devices for laser beam machining, the Shenzhen-based firm said late yesterday. To better meet the needs of local clients for customized products, the unit plans to build a production facility in the US when the time is right, it added.

Han's Laser did not disclose further details, such as the investment amount, types of products, as well as the exact location of the proposed factory.

Founded in 1996, Han's Laser supplies equipment and core devices related to industrial laser beam machining and automation solutions. The firm already has an office in San Jose, California, according to its website.

Han's Laser's equipment is used to make consumer electronics, printed circuit boards, cars, lithium batteries, and photovoltaic and semiconductor products. Its overseas sales equaled 6.1 percent of its revenue in 2021, according to its annual report last year.

Shares of Han's Laser [SHE: 002008] ended little changed at CNY61.95 (USD9.01) apiece today. The stock is up 18.2 percent so far in 2023.

Editor: Martin Kadiev