Based on the historical accomplishment of our R&D activities for the three years from 2017 to 2019, and after months of preparation, Hung Hing Printing (China) Co., Ltd. was jointly approved by Shenzhen Science and Technology Innovation Committee, the Finance Bureau and the Tax Bureau to obtain the High- and New-Technology Enterprise (HNTE) status at the end of last year, for a period of three years. The accreditation of HNTE status is a recognition of the strengths and high standards of a company in scientific research, which helps to establish a good corporate brand, enhance their corporate reputation and competitiveness in the market. The HNTE identification is, therefore, of great significance for the development of Hung Hing.
China has been increasingly promoting R&D activities and has formulated a series of preferential measures for HNTE, with the aim of stepping up the transformation and upgrading of the traditional manufacturing industry. From our point of view, we are in a better position to put more efforts into R&D activities and improve production efficiency, thus enabling us to create more competitive products.
In view of the importance of HNTE status and R&D activities, the Group is conducting a comprehensive planning of our R&D strategic framework, with a view to bringing about substantial improvements in quality, efficiency and competitiveness through R&D activities.