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Tuesday, 9 November 2021, 12:59 HKT/SGT

Source: Nissin Foods Co Ltd
Nissin Foods Receives Funding Approval from Re-Industrialisation Funding Scheme
Becomes First Food Manufacturer to Obtain HK$15M Maximum Funding Support
To Implement Smart Production Line in Hong Kong

HONG KONG, Nov 9, 2021 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods", and together with its subsidiaries, the "Group"; Stock code: 1475) is pleased to announce that it has received approval for the maximum funding support of HK$15 million (the "Funding Support") under the Re-Industrialisation Funding Scheme ("RFS") of the Innovation and Technology Commission ("ITC") today (9 November 2021), to be used for the installation of a new smart production line in Hong Kong.

The signing ceremony was attended by (from left to right): Mr. Indiana WONG, Assistant Commissioner for Innovation and Technology (Funding Schemes); Ms. Rebecca PUN, The Commissioner for Innovation and Technology; Mr. Kiyotaka ANDO, Executive Director, Chairman and CEO of Nissin Foods Company Limited; and Mr. Yasuhiro YAMADA, Executive Director of Nissin Foods Company Limited.

Funded by the Re-Industrialisation Funding Scheme, Nissin Foods will set up a smart production line with robotics, sensors and smart systems with real-time monitoring on the production of instant noodles in the Nissin Plant, Tai Po Industrial Estate (visual provided by Nissin Foods Company Limited).

The Funding Support will be used to implement a new smart and automated production line in one of Nissin Foods' production plants located at the Tai Po Industrial Estate. The new line will employ robotics, sensors and smart systems for the production of instant noodle products, enabling real-time monitoring of the production process. Scheduled for completion by July 2023, the new smart production line is set to improve production and space efficiency, as well as production flexibility, which is in line with Nissin Foods' business development strategy to maintain its leadership position in Hong Kong.

The HKSAR Government (the "Government") has been promoting re-industrialisation in order to enhance economic growth and to develop a strong high-end manufacturing industry in Hong Kong. Launched in July 2020 under the ITC, the RFS aims to encourage smart manufacturing by providing subsidies to companies that set up smart production lines in Hong Kong. Nissin Foods is proud to be the first food manufacturer and the second company to receive the maximum funding support from the RFS, demonstrating its commitment to develop a strategic business in Hong Kong and to upskill industry talents to become subject matter experts through the use of smart technologies.

Ms. Rebecca PUN, the Commissioner for Innovation and Technology, said at the signing ceremony of the funding agreement, "We are glad that the well-known food group, Nissin Foods Company Limited, will set up a new smart production line for instant noodles in Hong Kong through adoption of smart technologies. Since the launch of the RFS, about half of the applications were from food manufacturing and processing industry, testifying the huge potential the industry enjoys in moving towards re-industrialisation in Hong Kong. We will continue to support smart production and re-industrialisation of local food manufacturing and processing industry, strengthening the 'Made in Hong Kong' brand".

Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, "Nissin Foods is proud to be the first food manufacturer and the second company to gain approval for the maximum funding under the Re-Industrialisation Funding Scheme. Our dedication to the development of smart production in Hong Kong echoes the Government's call for technology advancement in local manufacturing. As a leading food manufacturer, we are committed to providing consumers with quality products by continuously improving our production and efficiency. We believe the integration of advanced technologies will strengthen our overall competitiveness and create sustainable value for our stakeholders."

About Nissin Foods Company Limited
Nissin Foods Company Limited (The "Group"; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China with a diversified portfolio of well-known and highly popular brands and the largest instant noodle company in Hong Kong. The Group officially established its presence in Hong Kong in 1984. The Group primarily manufactures and sells instant noodles, frozen foods and other food products under its two core corporate brands, namely "NISSIN" and "DOLL" together with a diversified portfolio of iconic household premium food brands. The Group's five flagship product brands, namely "Cup Noodles", "Demae Iccho", "Doll Instant Noodle", "Doll Dim Sum" and "Fuku" are also among the most popular choices in their respective food product categories in Hong Kong. In Mainland China market, the Group has introduced technology innovation through the "ECO Cup" concept into the market and primarily focuses its sales efforts in first-and second-tier cities in Mainland China.

Nissin Foods is a constituent of eight Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Consumer Goods & Services Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, and Hang Seng Small Cap (Investable) Index. For more information, please visit www.nissingroup.com.hk.

Topic: Press release summary
Source: Nissin Foods Co Ltd

Sectors: Food & Beverage
From the Asia Corporate News Network

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