One of the World's Largest Satellite Intelligent Manufacturing Facilities to Advance the Global Commercial Satellite Industry

HONG KONG SAR - Media OutReach - 25 July 2023 - Hong Kong Aerospace Technology Group Limited ("Hong Kong Aerospace Technology Group" or "the Group"; Stock Code: 1725) is pleased to announce the grand opening of its subsidiary, ASPACE Hong Kong Satellite Manufacturing Center, today. The center, which is Hong Kong's first satellite manufacturing center and one of the world's largest intelligent satellite manufacturing facilities, marks an important milestone in the development of the city's aerospace technology industry. More than 150 representatives from dozens of countries and regions engaged in commercial aerospace endeavors, including inter-governmental organizations, NGOs, business entities, and government agencies attended the opening ceremony, witnessing a new era of the global commercial space industry. In addition, memoranda of understanding with various overseas organizations and agencies from different countries were signed to facilitate cooperation in research, development and operation of commercial satellites. The scope includes satellite communications, monitoring, telemetry, command, data analysis and other relevant areas. Professor Dong Sun, Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region Government, said, "We are pleased to see the official opening of ASPACE Hong Kong Satellite Manufacturing Center in the Advanced Manufacturing Centre at the Hong Kong Science Park in Tseung Kwan O. It serves as a good showcase of Hong Kong's 'New Industrialization'. The Hong Kong Special Administrative Region Government announced its 'Hong Kong Innovation and Technology Development Blueprint' in December last year, outlining the direction and strategy of Hong Kong's innovation and technology development in the future. The government will encourage and support the development of leading industries such as advanced manufacturing in Hong Kong, with the aim of realizing the city's 'New Industrialization', which will stimulate the development of more other industries, and thus generate more job opportunities for skilled labor and further Hong Kong's economic diversification. The Innovation, Technology and Industry Bureau would like to encourage more advanced manufacturing businesses to establish a presence in Hong Kong and capitalize on the city's status as a global city by expanding into more new markets." Mr. Sun Fengquan, Co-Chairman and CEO of Hong Kong Aerospace Technology Group Limited, said, "Our hard work for more than four years has culminated in the official opening of ASPACE Hong Kong Satellite Manufacturing Center which marks an important step in the development of Hong Kong's aerospace industry and precision manufacturing. The Hong Kong Special Administrative Region Government has been vigorously fostering the development of precision manufacturing and promoting re-industrialization in recent years. Such government policies provided support for the development of ASPACE Hong Kong Satellite Manufacturing Center. Hong Kong as a place for starting and running businesses has several advantages, namely its status as a member of the WTO in its own right, a separate customs territory and hub of globalization, its low corporate income tax rate and mechanism for attracting talent. Leveraging the city's advantages, ASPACE Hong Kong Satellite Manufacturing Center will work together with the Group's other subsidiaries, namely Hong Kong Satellite Telemetry, Tracking and Control Center and Hong Kong Satellite Data Application Center, which have been put into operation at the same time, to attain synergy in satellite manufacturing and satellite data services. This will enable the Group to decrease the costs of manufacturing satellites and providing satellite data services by more than 20% and will thus make it even more competitive in the global market in terms of efficiency and services." ASPACE Hong Kong Satellite Manufacturing Center is located in the Advanced Manufacturing Centre at the Hong Kong Science Park in Tseung Kwan O, covering a site area of approximately 200,000 square feet. It is equipped with 18 sub-systems and over 200 sets of sophisticated devices, including such...