Borqs Technologies, Inc. (NASDAQ:BRQS)

Borqs Technologies Inc (NASDAQ:BRQS) ($4.65; $145.5M market cap), (NASDAQ:BRQSW) ($0.20), a global leader in embedded software and IoT products, announced today that, on July 23, 2018, it was awarded an official commercial MVNO license from the Ministry of Industry and Information Technology of the People’s Republic of China. The license is valid from July 12, 2018 until July 12, 2023.

“The official commercial MVNO license is a key milestone for the Company's MVNO Business Unit as well as the Connected Solutions Business Unit. First of all, I would like to thank my team for their perseverance to drive innovation,” 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 and business models to enable our customers to deploy their IoT products in our MVNO network easily and seamlessly.”

“The issuance 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 Jason Wang, President of the Connectivity Business Unit.  “We will continue to strengthen our platform openness and innovation to provide differentiated products and services for IoT.”

Borqs Technologies Inc (NASDAQ:BRQS) ($9.00; $281M market cap), (NASDAQ:BRQSW) ($0.18), a global leader in embedded software and IoT products, announced that its acquisition target KADI has received clearance for production and delivery of EV control modules beginning in May 2018 for roughly $50 million over a two year period.

In our February 18, 2018 email, we stated that BRQS filed an S-1 where the company stated in the “use of proceeds” section it intends to use the proceeds to fund the acquisition of Shanghai KADI Machinery.  

Borqs Technologies, Inc. (NASDAQ:BRQS) ($7.60), (Pink:BRSQW) ($0.29) - Borqs Technologies announced they have met listing requirements for the NASDAQ. In a press release out Monday, the company wrote:

“Borqs Technologies, Inc. (the “Company”) today announced that a letter from the Nasdaq Office of General Counsel dated April 12, 2018 has been received.  The letter confirmed that the Company has met the listing requirement for minimum number of round lot shareholders and is also in compliance with other applicable requirements for listing on the Nasdaq Stock Market.  

Accordingly, the Nasdaq Hearings Panel has determined to continue the listing of the Company’s securities on the Nasdaq Stock Market.”

SANTA CLARA, Calif., Jan. 22, 2018 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq:BRQS) (the “Company”), a global leader in embedded software and products for the Internet of Things (IoT), announces the signing of an agreement to acquire 13.8% of both Shenzhen Crave Communication Co., Ltd (“Crave”) and its affiliated business entity in Hong Kong, Colmei Technology International Ltd (“Colmei”).

Crave, a manufacturer of mobile terminal devices, was formed in 1996 and incorporated in 2008 in Shenzhen, China.  With multiple high speed SMT lines, assembly lines and packaging lines, its annual capacity reaches over 20 million units.  Ideally situated in Shenzhen, Crave exports final products for customers in South America, India, Indonesia, the Philippines and Vietnam.  Colmei, Crave’s affiliated entity under common ownership, is a sales entity located in Hong Kong with established relationships with international banks to facilitate transactions with its global clients.  Both Crave and Colmei are privately owned.  In 2017, Borqs has contracted Crave/Colmei for multiple projects in the manufacturing of Borqs’ products.

On January 18, 2018 the Company agreed to acquire shares representing 13.8% of both Crave and Colmei, for $13 million, consisting of $3 million in Company ordinary shares to be issued at closing and $10 million in cash to be paid over 3 years.

Pat Chan, the CEO of Borqs: “Our investment into Crave and Colmei will benefit us in multiple ways:  i) ensure access to valuable manufacturing capacity, ii) assist us with supply chain financing by leveraging their resources with financial institutions in Hong Kong,  iii) improve negotiation leverage with component suppliers based on Crave’s purchasing volume, and iv) providing  premium quality manufacturing.”

Mr. Xilin Fang, Chairman of both Crave and Colmei, said: “The investment from Borqs, a Nasdaq listed company with strong R&D capabilities, is an endorsement by itself.  The innovative designs that Borqs brings to market will add attraction to our products within this highly competitive mobile communications industry.  I believe the combination of Borqs, Crave and Colmei will be a win-win for both companies.”

Borqs Technologies Inc (NASDAQ:BRQS) ($5.22; $160.9M market cap), Borqs Technologies Inc (NASDAQ:BRQSW) ($0.22), is a global leader in software and products for internet of things. According to a Chinese news report, BRQS attended the conference for China Mobile’s global partners in Guangzhou, Guangdong Province in China, and also showed its BoTree smart locating tracer, which is the first smart wearable product applying the NB-IoT technology and using Qualcomm's’ MDM9206 chip.

BRQS ($5.55) and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated (QCOM), announced commercial ready smartwatches, tracker and IoT Modules featuring QCOM platforms in India.

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.