Hong Kong Aerospace Technology Group's ASPACE Hong Kong Satellite Manufacturing Center Holds Grand Opening

Hong Kong SAR, China--(Newsfile Corp. - July 25, 2023) - Media OutReach - Hong Kong Aerospace Technology Group Limited (HKG: 1725.HK) ("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.

ASPACE Hong Kong Satellite Manufacturing Center of Hong Kong Aerospace Technology Group held Grand Opening on 25 July. 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.

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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.

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.

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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 comprehensive range of equipment for the intelligent manufacturing and testing of a satellite's overall structure, optical calibration, vibration, mechanical performance, electromagnetic compatibility, thermal control and precision, etc. This, coupled with a team of research and development experts with rich experience in aerospace technology, will enable the center to produce more than 200 commercial satellites of 30 to 10,000 kilograms annually for communication, navigation, both optical and radar remote sensing, and carbon emissions detection.

Many countries' national development strategies have already covered the aerospace industry, thus accelerating the development of the commercial aerospace industry. The global annual demand for satellites reaches more than 30,000 units (based on an average lifespan of 3 to 5 years for each low-earth orbit satellite). However, the present global satellite manufacturing capacity is only about 6,000 to 8,000 units per year, well short of the aerospace industry's demand. The target market of ASPACE Hong Kong Satellite Manufacturing Center is expected to reach US$30 billion by 2027, indicating huge potential for business growth. 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 as well as a new operation which is being planned, ASPACE Hong Kong Satellite Launch Center, to attain synergy. This means that the Group's various business segments such as research and development, manufacturing, testing, telemetry, tracking, and control of satellites, Golden Bauhinia Constellation, and satellite data application will be put into operation successively. ASPACE will provide a one-stop solution that encompasses satellite payload design, the manufacturing, testing and qualification, launch, telemetry, tracking and control of satellites as well as satellite data application for customers worldwide. This will add impetus to the development of the global commercial aerospace industry and serve its needs.

Mr. Sun said, "Looking ahead, Hong Kong Aerospace Technology Group and ASPACE will adhere to the concept of sustainable development, contribute to the world's technological advancement and enable the adoption of smart technology in everyday life."

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The issuer is solely responsible for the content of this announcement.

About Hong Kong Aerospace Technology Group Limited (HKATG)

Hong Kong Aerospace Technology Group Limited (HKATG) is Hong Kong's first commercial aerospace enterprise focusing on satellite network engineering and precision satellite manufacturing. Formerly known as Hentech Technologies Ltd which was established in 2003, HKATG is a pioneer in the commercial aerospace industry and technological innovation in the city. HKATG owns five technology centers and manufacturing bases, including a satellite manufacturing center, a space environmental monitoring center, a satellite telemetry, tracking and control center (TT&C), a center for satellite data application and a precise electronic manufacturing center. HKATG's core business consists of several operations, including satellite constellation engineering (Golden Bauhinia Constellation and Aurora Constellation), satellite data application, satellite design and manufacturing, satellite assembly and testing, satellite payload selection and specification, satellite TT&C service, printed circuit board assembly (PCBA) and electronic manufacturing, and the launch of satellites.

For further information, please visit https://www.hkatg.com/index.html.

Contact Information:

iPR Ogilvy Limited
Callis Lau / Edward Lai / Lorraine Luk
Tel: (852) 2136 6952 / 3920 7662 / 2169 0467
Fax: (852) 3170 6606
Email: [email protected] / [email protected] / [email protected]

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