BAO’AN signed agreements with two companies on projects with a total investment of 3.8 billion yuan (US$558 million) at the Shenzhen Major Investment Promotion Projects Signing Ceremony held Dec. 7 at the Civic Center in Futian District.

Guo Ziping, head of the district, signed agreements with Adabotics Ltd. from the University of Edinburgh, U.K. and Qixin (Hong Kong) Co. Ltd., a wholly-owned subsidiary of Shenzhen’s listed company Qixin Construction Group Co. Ltd., at the ceremony.

Adabotics Ltd. specializes in the R&D and sale of mobile collaborative robots with shared-autonomy systems. The Edinburgh-based company promises to invest 800 million yuan to set up its China headquarters and a joint AI robot research institute in Bao’an, per the agreement. The institute is expected to generate 1 billion yuan of annual output value three years after being put into operation.

Qixin (Hong Kong) Co. Ltd. is devoted to developing a decoration IoT cloud platform, IoT robots and an air purification system. It will invest 3 billion yuan to establish an industrial and financial group in Bao’an that will take the core businesses of its Hong Kong headquarters, according to the agreement. The group aims to yield a total output value of 15 billion yuan and contribute 400 million yuan in tax revenue each year after its initial three years of operation.

(SD News)