SANTA CLARA, Calif., Feb. 22, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with operations in the U.S., India and China, today announced that it has won a design from the largest mobile operator, one of the Fortune 500 companies, in India to develop a Linux laptop adopting the Qualcomm chipset with cellular connectivity.
Most of today’s laptops run Windows OS with CPU supporting Wifi connectivity only. The new model that Borqs will develop for the India market supports Linux OS with both mobile cellular and Wifi connectivity to meet the demand from the end users.
According to the recent data from IDC, the India PC market (inclusive of desktops, laptops, and workstations) continued its growth momentum during the 3rd quarter of 2021 despite ongoing supply and logistical challenges. The PC shipments witnessed a 30% year-over-year (YoY) growth in 3Q21, marking the fifth consecutive quarter of growth. A total of 4.5 million PCs were shipped during the quarter, making it India’s biggest-ever single quarter. Laptop PCs continue to dominate the overall category with 81.5% market share. Enterprise and consumer demand helped the laptop category to reach 3.6 million units for the first time.
Borqs has been developing and shipping mobile products for the India market for many years. Borqs currently employs approximately 300 staff worldwide, with approximately 73% in India, 7% in the US, and 20% in China and other markets. Borqs’ India team is based in Bangalore, India’s Silicon Valley.
The Company believes that the India market is strategic and critical to the Company’s business. Historically, the India market and the U.S. market have been contributing the majority of revenue to the Company. India is one of the fastest growing economies in the world, and offers great potential for business opportunities. As the benefits of India’s economic growth, an increasing number of people are moving up to the middle class, with rising disposable income. India's middle class is expected grow to 580 million people by 2025. Under the growing consumer spending trend in India, Borqs’ relationship with the largest India mobile operator will continue to help the Company to expand its IoT products in India.
About Borqs Technologies, Inc.
Borqs Technologies is a global leader in software and products for the 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’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products for phones and hotspots.
Borqs recently acquired controlling interests in a solar energy storage systems company in the U.S.
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the revenues from business activities as described herein may not be reached or at all, and the negative impact of the COVID-19 pandemic on the Company’s supply chain, revenues and overall results of operations, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
