The following news report is from the official WeChat account of Moganshan High-tech Zone in Huzhou: 

At the site of the Microdisplay Chip Project of Hongshi Intelligence Technology Co., Ltd., County Party Secretary Jiao Yuxin announced the commencement of the project. County leaders and leaders from the High-tech Zone, including Wang Jianfeng, Gao Qun, Wang Shaohua, Fang Jie, and Zhu Qi, attended the event. 

The Microdisplay Chip Project of Hongshi Intelligence Technology Co., Ltd. is located in the North High-tech Park of the High-tech Zone. With a total investment of 1.2 billion RMB and a total land area of 80 acres, the project will establish a production base with an annual production capacity of 10 million microdisplay chips. It is estimated that after the project is put into production, it will achieve sales revenue of 2.5 billion RMB, profits of 800 million RMB, and taxes of 250 million RMB. 

The investor, Hongshi, was established in 2017 and is a domestic company engaged in communication technology and imaging technology research, development, and manufacturing. The landing of this project will help our county seize the opportunity in the silicon-based microdisplay chip sector, accelerate the cultivation of new productive forces, and lay a solid foundation for building a national silicon-based microdisplay chip industry cluster. 

Stone Wang, Chairman of Hongshi Intelligence Technology Co., Ltd., stated that the supportive policies from the Deqing County Party Committee, County Government, and the High-tech Zone have sincerely facilitated the rapid implementation of the project, providing it with a first-mover advantage. The next step will be to adhere to high standards and strict requirements, organize meticulously, conduct scientific construction, and accelerate project construction at the fastest speed, striving to complete the construction of the plant within one year to ensure the project's early production.