Novoray invests in high-speed substrate powder project

Novoray Corporation (SSE:688300) announced a 300 million yuan investment to build a production facility for ultra-pure spherical powder materials used in high-performance high-speed substrates. The project, located in Lianyungang High-Tech Zone, Jiangsu Province, will be constructed in three phases, with the first phase requiring an investment of 126 million yuan and is projected to have an annual capacity of 1,200 tons. The company secured the land through a public auction, with further approvals pending. Novoray expects the investment to strengthen its market position and increase its production capacity to meet growing demand for materials used in AI servers, high-speed communications and advanced packaging. The company cautions that the project is subject to uncertainties related to land acquisition, regulatory approvals, and market conditions.