An innovation and entrepreneurship park funded by Skyworth Group Co Ltd is inaugurated in Ningbo's Zhenhai district on Dec 18. [Photo/cnnb.com.cn]

An innovation and entrepreneurship park funded by Skyworth Group Co Ltd was inaugurated in Ningbo's Zhenhai district on Dec 18, local media reported.

Situated in Zhuangshi sub-district, the park's first phase, with a price tag of $128 million, will cover an area of 73 mu (4.86 hectares) and has a floorage of 100,000 square meters.

It will comprise of an R&D center, technology incubation center, operation management center, exhibition and trading center, and corresponding business supporting facilities.

After it is put into operation, the park is expected to house more than 50 enterprises and create 3,000 jobs.

Founded in 1988, Skyworth is a leading domestic television maker based in Shenzhen, Guangdong province.

Skyworth's revenue totaled 17.23 billion yuan ($2.4 billion) in the first half of this year, down 0.7 percent year-on-year, while its net profits surged 20.4 percent to 348 million yuan, according to its 2019 interim results.