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Key Milstone Accomplished Between Addvalue and Huaan Xingke for Chinese Fishing Fleets

30 May 2018

Addvalue Technologies Ltd announced that its Beijing based wholly-owned subsidiary, Zhongxing Chuangzhi (Beijing) Technology Ltd., Co. (中新创值(北京)科技有限 公司)(“Zhongxing Chuangzhi”) that its partner Huaan Xingke ( Beijing ) Information Technology Co., Ltd (华安星科(北京)信息技术有限公司)(“Huaan Xingke”) has successfully obtained the type approval for their multi-mode satellite communication terminal, S600, from the Register of Fishing Vessel under the Ministry of Agriculture, Fisheries Bureau of the People’s Republic of China.

The terminal, a joint development between Addvalue and Huaan Xingke, is customized to meet the China governmental plan to modernize the fishing fleets and is the first-of-its kind to be certified by the China authorities for shipboard and offshore surveillance, navigation and safety operations.

Equipped with the integration of various technologies such as Automatic Identification System (AIS), Radio Frequency Identification (RFID), Beiduo system, and satellite communications, the multi-mode terminal will greatly elevate the operational capabilities for the China fishing fleets while providing very affordable services. The terminal is expected to be deployed in the province of Shandong, Liaoning and Guangdong after the fishing moratorium season in the respective provinces this year. The terminals will be produced in China with certain key modules worth about US$6 million to be supplied by Addvalue over three years with about US$1 million order to be fulfilled in financial year ending 31 March 2019.

Dr Colin Chan, Chairman and CEO of Addvalue remarked: “We are indeed very proud to have helped Huaan Xingke accomplish the type approval of the S600 terminal in which our satellite communication technology has played a significant role. We have commenced shipping the first batch of the key modules to Huaan Xingke and more will be shipped out in accordance with Huaan Xingke’s roll out plan. The success of this project is a testament that our transformation program is bearing fruits and the sales will contribute to our financial year ending 31 March 2019 and beyond.”

“As a leading company operating the China Beiduo navigation services inside China and the only company licensed for providing such services outside China, we are certain that S600 terminal will play a significant role to further grow our business in China and globally. We appreciate the technical support and guidance provided by Addvalue throughout the type approval process. This is a collaboration that epitomizes how a Singapore company and a China company can leverage each other’s strengths to grow together. And we look forward to more collaborations between the two companies in the future.” commented by Mr Su Guang Hua, Chairman of Huaan Xingke

For further information please contact kfrench