The signing ceremony for a 1-billion-yuan optical communication chip project is held in Xinwu district, Wuxi. [Photo/WeChat account: xinwu_wx]

A signing ceremony for a high-end optical communication chip project with a total investment of 1 billion yuan ($137.17 million) was held in the Wuxi National Hi-tech District, also known as Xinwu district, in Wuxi, Jiangsu province on Aug 30.

The project aims to establish an integrated device manufacturer (IDM) enterprise involved in chip design, manufacturing, and testing. Projected annual sales are over 2 billion yuan.

Sun Yelin, founding partner of Hua Capital, the main investor in the project, said the integrated circuit industry in Xinwu district is well-established and expressed confidence in the development of the district's IC industry. The company will invest more in Xinwu in the future, he added.

Cui Rongguo, Party secretary of Xinwu district, said he hopes for future collaboration with Hua Capital. He emphasized that the district will continue to foster a strong business environment and provide convenient services to enterprises to promote their innovative development.