(Yicai Global) Nov. 3 -- Based in southeastern Guangdong, China, Guangzhou Shiyuan Electronics Co. [SHE:002841] (CVTE) plans to invest USD75.63 million (CNY500 million) to build a research and development base for intelligent home appliances in Hefei, in China's east-central Anhui province.

The firm has inked an investment agreement with the administrative committee of the Hefei Economic & Technological Development Area.

It will initiate a construction project for intelligent control products for home appliances with a total investment of CNY500 million, of which CNY285 million will be invested in Phase I, CVTE announced yesterday. The project includes research and development and design of intelligent control components for home appliances, small smart appliances, Internet of Things (IOT) control modules and other products, as well as test experiments of related products. It is set to commence next March and finish in March 2020.

The investment will help the firm offer consumers more satisfactory products, consummate the company's industry positioning and further hone its market competitiveness, the firm remarked.

CVTE mainly deals in liquid crystal display (LCD) TV motherboards, mobile intelligent terminals and other electronic products encompassing various fields such as smart homes, automotive electronics, artificial intelligence and health care, its official website shows.