HONG KONG AEROSPACE TECHNOLOGY ENTERS INTO A STRATEGIC COOPERATION AGREEMENT FOR SATELLITES
The agreement includes satellite research, development and manufacturing, and satellite monitoring, control, and data transmission.
Hong Kong Aerospace Technology Group Limited (Hong Kong Stock Code 1725, US ADR Symbol ASTGY) (the “Company”) is pleased to announce that on October 24, 2022, the Company and Jiangxi Normal University entered into a strategic cooperation agreement for the development and manufacturing of satellites. The agreement includes satellite research, development and manufacturing, and satellite monitoring, control, and data transmission. It also includes the development of applications for data obtained from the operation of satellites.
Scope of the Cooperation
Hong Kong Aerospace and Jiangxi Normal University intend to:
Launch the first prototype Environmental Remote Sensing Satellite, the ‘‘Jiangxi Normal No.1’. (Anticipated to be launched by the end of 2022.)
The parties will begin applications of data derived from the satellites, to include research on mountains, rivers, forests, farmlands, lakes, grasslands, deserts and urban and rural ecosystems; and commence the development and industry promotion of data processing.
The results of the parties’ scientific research (including intellectual property rights such as patents, trademarks and copyrights) will be jointly owned by the parties.
Establish a jointly-owned space science and technology laboratory to attract aerospace talent globally to Hong Kong and Nanchang to create an international platform for innovation and technology cooperation;
Seek tenders for government technology projects and begin the collaboration for satellite research.development and manufacturing, monitoring, control and data receiving, and intelligence applications of the data derived from satellite operations.
The parties intend to also develop new environmental remote sensing satellites (the ‘‘ERS Satellites’’). (i) Hong Kong Aerospace will be responsible for research, development and manufacturing of the ERS Satellites; (ii) Jiangxi Normal University will be responsible for the ] business development of the ERS Satellites; and (iii) the parties together will work on the terrestrial communication receiver systems, to form an innovative service chain in Jiangxi Province and Hong Kong consisting of remote sensing satellites, terrestrial receiver stations, the system platform and industrial applications.
Commence the intelligence and data applications of satellites, which will include typical applied research on, forests, farmlands, lakes, grasslands, deserts and urban and rural ecosystems.
The parties will begin the development and industry promotion of data derived \ from the remote sensing satellites with independent intellectual property rights and a geospatial information platform.
The results of the parties’ scientific research (including intellectual property rights including patents, trademarks and copyrights will be jointly owned by the parties.
The parties will establish Beidou Soaring Industrial College to refine the talent supply chain for the development of aerospace technology and establish training bases in Hong Kong and Nanchang to:
Promote the internationalization of education.
Enhance the international market for the Company’s satellite manufacturing capabilities and the applications of Jiangxi Normal University’s remote sensing satellites.
Formal Agreement
The parties to the Agreement will negotiate and enter into a legally binding and effective agreement(s) for projects and activities regarding the Cooperation.
Term
The Agreement shall be effective for a term of 5 years, commencing on October 18, 2022 and ending on October 17, 2027.
About Jiangxi Normal University
Jiangxi Normal University was co-founded by China’s Ministry of Education and the Jiangxi Provincial Government. Jiangxi Normal University is a research-focused institution focused on philosophy, economy, law, education, literature, history, science, engineering, management, and the arts.
About Hong Kong Aerospace Technology Group
Hong Kong Aerospace Technology is principally engaged in (1) the manufacturing of electronics; and (2) aerospace activities, which include (a) satellite manufacturing; (b) satellite measurement and controlling; and (c) the launching of satellites.
SOURCE: Hong Kong Aerospace Technology Group
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Tel. + 1 303 350 8500
Email ir@worldconnectionscapital.com
The original of this news announcement may be viewed here.
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