Nanxun district, Huzhou, Zhejiang will be capable of producing over 800,000 5G antenna units for telecommunications giants like Huawei and ZTE, local media reported on April 17.

Shenzhen Find Technology will invest 5.5 billion yuan ($777 million) into the construction of a manufacturing and R&D center for 5G antenna units. It is expected to generate 5 billion yuan in annual revenue and 110 million yuan in net profits, while paying 100 million yuan in taxes.

To support the project, the district government of Nanxun and Huzhou Municipal Industrial Investment Development Co will launch a 2-billion-yuan foundation for telecommunications-related industries, according to a statement by local authorities on April 17.

The project's investor, Find Technology, is an international supplier of electronic units, telecommunication devices, and multimedia equipment. Its business partners include Huawei, ZTE, Ericsson, Foxconn, and other high-tech giants. Statistics shows that around 40 percent of Huawei's 5G units are produced by Find Technology.