(Yicai Global) Aug. 15 -- Guangdong-based electrical equipment maker Shenzhen FRD Science & Technology Co. [SHE:300602] will spend CNY100 million (USD15 million) to set up a subsidiary in Changzhou, Jiangsu province in East China's Yangtze River Delta, which will engage in the research and development of electromagnetic shielding devices and related materials and devices.
FRD said on Aug. 13 that it has signed a cooperation agreement with the management committee of Jintan Hua Luogeng Technology Industrial Park in Changzhou, under which it will build a 520-mu (346,700-square-meter) Rongda technology park in the industrial zone.
FRD will also pump CNY100 million (USD15 million) to set up a wholly owned subsidiary, FRD Technology (Jiangsu) Technology Ltd. in Changzhou, which will engage in the research and development of electromagnetic shielding, wave-absorbing, heat conducting and insulation materials and relevant devices.
The establishment of the subsidiary will help the company expand its principal business, establish a stronger presence in the Yangtze River Delta market and improve its R&D, production and sales ability, FRD said.
Per FRD's official website, electromagnetic shielding devices can help enhance electromagnetic compatibility of wireless communication systems and equipment, lower electromagnetic radiation of electronic products, protect people's health and prevent information leakage caused by electromagnetic radiation.