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The Xiuzhou High-Tech Zone in Jiaxing, East China's Zhejiang province, signed an agreement with Weirui Optoelectronics Co Ltd on a VR equipment and optical module project on May 16, according to local media reports.

The project is expected to inject new vitality into the district's optoelectronics industry.

Wei Rui Optical Co Ltd was founded in 2019 by a number of graduates from the Department of Precision Instruments of Tsinghua University. It is focusing on optics and optoelectronics applications in the fields of virtual reality, automotive electronics and mobile phones.

The company plans to set up its headquarters in the district, and over the next five years it plans to invest about 200 million yuan ($29.66 million) to expand production capacity, establish manufacturing capacity for VR modules and AR optical waveguides, and build ultraclean laboratories.

The headquarters' sales revenue is expected to exceed 400 million yuan in 2026, while its market share of intelligent vehicle lighting in China is expected to exceed 25 percent and its market share of lidar optical components is expected to exceed 12 percent.