October 25 -- Beijing Ultrapower Software (300002.SZ) plans to invest 130 million yuan in subsidiary Chongqing Xinmei's software research and production base in the Chongqing Economic Technology Development Zone, reports Shanghai Securities Journal, citing a company filing.

Upon completion, the software research and production base is expected to generate 270 million yuan worth of output, and pay 21 million yuan worth of taxes.

Chongaing Xinmei gave a commitment that it will complete the project 18 months after the signing of the agreement with the Nan'an district government.

Chonqing Xinmei, which was founded in 2010 with a registered capital of 103.3 million yuan, mainly develops products and provides operational support for China Mobile’s rural information network.

In addition, Beijing Ultrapower announced that it will inject 16 million yuan into Ningbo Pujin Telecomm Equipment for the establishment of a research center in Qingbo, Shandong province.

Ninbo Pujin incurred losses of 27,900 yuan in 2010 and 242,600 yuan in the first nine months in 2011.

Ultrapower Software said it plans to increase its market share and expand the range of its products.
 

Source:CapitalVue