The opening ceremony for Ruihe Technology is attended by local government officials and representatives from partner companies. [Photo/WeChat account: hefeigaoxinfabu]

New material company Ruihe Technology officially marked the beginning of operations at a ceremony at the IC industrial park in the Hefei National High-tech Industry Development Zone on Dec 6.

The company was established by Hong Kong-listed BOE Varitronix Limited in cooperation with the Hefei National High-tech Industry Development Zone and Neusoft Group.

The company will be mainly engaged in providing advanced bonding solutions for the automotive industry as well as industrial control and consumer display products, including producing new materials such as optical-grade liquid silicone.

With a total investment of 500 million yuan ($76.46 million), the company plans to build 11 production lines and five backlight assembly lines. It is expected to achieve an annual output of 3 million units and an output value of 1.6 billion yuan.

Lyu Changfu, deputy director of the zone where the company is located, said at the opening ceremony that he hopes the company can develop rapidly into a leader in its field, become a listed company and help drive the development of the whole industrial chain in the zone.

Representatives of the company thanked the zone for its support in the process of getting established and encouraged company staff to strive for excellence.

The establishment of the company is expected to help strengthen the industrial chain in the fields of automotive electronics and new displays in the zone and the city as a whole.

With the local government's support, the renovation of the 10,000-square-meter factory and the construction on a 1,600-square-meter Class 1000 clean room and a 1,400-square-meter Class 100,000 clean room were completed in October. In addition, the automatic production line and semi-automatic production line began operating in November.