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Fulai New Material’s stock soared to the daily trading limit following an announcement that the company has established a subsidiary in California to expand its presence in North America’s market. The shares, listed on the Shanghai stock exchange under the ticker symbol 605488, rose by 10%, closing at CNY40.40 (approximately $5.68). Since the end of last year, the company’s stock has surged by 168%.
The newly formed subsidiary, Apex Sensing, was officially registered in San Francisco yesterday. The company explained that this venture will utilize its parent company’s core technologies in flexible sensing to better serve the North American market.
The primary goal is to offer local partners faster supply chain solutions and tailored products for haptic sensing. Fulai also plans to collaborate with North American clients to bring embodied intelligence technology to market.
With deep expertise in flexible sensors, the company produces electronic skin that boasts genuine flexibility and three-dimensional force sensing. Its haptic sensors find applications in robotic tactile systems, industrial inspections, healthcare, and advanced energy batteries.
In the first half of this year, Fulai reported operating revenues of CNY1.33 billion (around $187.6 million), reflecting a 15% increase compared to the same period last year. However, net profit declined nearly 20%, reaching CNY50.93 million (about $7.2 million).
The company has completed and activated its first pilot production line for flexible sensors, now capable of mass manufacturing. Earlier disclosures indicated that, as of February, this sensor project had yet to generate revenue or profit.
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