SANTA CLARA, Calif. (July 26, 2018) - Borqs Technologies, Inc. (NASDAQ: BRQS) — a global leader in embedded software, products and cloud solutions for the Internet of Things (IoT), announced today its Connectivity Business Unit YuanTel Communications has obtained the official commercial MVNO (mobile virtual network operator) license from the Ministry of Industry and Information Technology (MIIT) of the People’s Republic of China. Borqs’ MVNO network will enter into a new era after four years of trial period.
Since the beginning of the MVNO business, Borqs has continuously focused on innovative business models, and as well as developing the key technologies (such as the patented eSIM IoT SDK) to deploy IoT products in its MVNO network. Borqs’ MVNO network has been ranked the second most successful MVNO operator in China among the 42 licensees, as measured by the number of subscribers, settlement volume, and quality of service.
“The official commercial MVNO license is a key milestone in the company's Connectivity Business Unit. First of all, I would like to thank my team for their continued adherence to this innovative development” said Pat Chan, founder and CEO of Borqs. “We firmly believe that the MVNO opportunity in China is in the cradle stage and the opportunity is enormous. Borqs is uniquely positioned to provide the needed technologies to enable our customers to deploy their IoT products in our MVNO network easily and seamlessly.”
Borqs has strategic partnerships with Qualcomm and Intel with early access to the latest chipsets enabling early time-to-market of IoT devices using these chipsets. Borqs’ broad customer base and target markets include OEMs such as Vizio, Sonim and Fossil, operators like AT&T and Sprint in the U.S. and Reliance Jio in India, and IoT solution providers to various vertical segments.
“The issue of the official license is definitely a major milestone, and reflects the government’s recognition of our exploration and innovation for the MVNO business in the past four years,” said by Jason Wang, President of Connectivity Business Unit. “We will continue to strengthen our platform openness and innovation to provide differentiated products and services.”
For more information about Borqs, visit: www.borqs.com.
About Borqs: Borqs Technologies (NASDAQ: BRQS) is a global leader in software and products for 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 designs, develops and provides turnkey solutions across device form factors such as smartphones, tablets, smartwatches, trackers, automotive in-vehicle infotainment and vertical application devices (for restaurants, payments, et al.). For more information, please visit the Borqs website (http://www.borqs.com).
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Michelle Wang, Market Communications
Sandra Dou, Investor Relations