Ultrapower to spend $15.1 mln on rural communication platform
Shanghai. June 2. INTERFAX-CHINA - Shenzhen Stock Exchange-listed Beijing Ultrapower Software Co. Ltd (Ultrapower) will invest RMB 103 million ($15.1 million) toward the establishment of a Chongqing subsidiary, the company announced in June 1.
The Chonqing subsidiary will oversee the development of the company's rural information services (RIS), including platform construction and operating related services, the announcement said.
Ultrapower has designated RIS as a key component for its 2010 strategy, according to the company's 2009 annual report.
There are currently 46 million RIS subscribers in China, 15 million of which use Ultrapower platforms. Ultrapower has built RIS platforms in thirteen provinces.
RIS is a technology introduced to China in 2006 by China Mobile Communications Corp. (China Mobile) to provide information and communication services in rural areas throughout the country.
China's RIS industry generated total revenues of RMB 13.95 million ($2.05 million) as of the end of March of 2010, while annual revenues generated in 2009 hit RMB 19.17 million ($ 2.81 million).