Will Receive Approximately RMB400 Million Subsidies from Central and Local GovernmentHONG KONG, Dec. 17, 2018 — (PRNewswire) — SMIT Holdings Limited ("SMIT" or the "Company"), a world leading CAM supplier and a major mPOS supplier in China, has succeeded in having its project "Development and Application of Full Process Electronic Design Automation (EDA) System for Chip Design" included on the National Science and Technology Major Project list and will receive subsidies in the total amount of approximately RMB400 million, half of which from the Central Government and half from the Shenzhen Municipal Government. As at the date of this announcement, the Company has received the first batch of the Grant from the PRC Central Government amounted to approximately RMB75 million.
SMIT has focused on R&D of security-related technologies based on the integrated circuit. The funding support secured this time from the Central Government speaks volumes to the recognition the Company enjoys and its technological capability, and has seen it become a key EDA research unit in China. With placement and routing tools as its core business, the Company will embark on development of these tools and others including timing analysis, physics verification and power analysis and other related tools, and also focus on the development of hardware emulation accelerators, gate-level simulation, logic synthesis and formal verification tools. etc., the ultimate goal is to formulate the digital circuit chip design full-process EDA tool platform. The Group will further develop other feature tools for use within the high-end PRC domestic chips market (in particular for CPU servers and FPGA) in order to satisfy high-performance and low-power system requirements.
Mr Shuai Hongyu, President of SMIT, said, "EDA technology is the foundation of chip automation design, which is at the apex of the integrated circuit (IC) design industry chain and plays an indispensable role in the IC industry. With the development of EDA technology, that enables the Company to develop more diverse product lines, thereby enhance industry standing, and also lay a solid foundation for it to enter high barrier industries and achieve sustainable development in the future. With localization and large-scale application of EDA technology, it will create a positive impact on the Group's future performance. We will strive to become an international leading company in this field."
About SMIT Holdings Limited (Stock code: 2239)
SMIT Holdings Limited is a leading security devices provider for pay TV broadcasting access worldwide and for mobile point-of-sale, or mPOS, payment systems in China. The Company's main product types are CAMs and mPOS devices. the Company is a leading CAM provider globally and a major mPOS supplier in China.
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