HollySys Group recently reached an agreement with network security company 360 Business Security Group and a research team led by Shen Changxiang, an academician at the Chinese Academy of Engineering, to build a research institute dedicated to the development of industrial information security technologies and applications, local media reported

Founded in 1993, HollySys is a leading automation and IT solutions provider in China and Southeast Asia, focusing specifically on process automation, factory automation, railway transport automation and mechanics & engineering (M&E).

The Beijing-headquartered company has teamed up with the Ningbo government to develop an industrial internet platform after the establishment of a branch office in the city.

Currently, the branch office, situated in Ningbo Software Park, employs nearly 120 people and has seen R&D investment topping 15 million yuan ($2.23 million) thus far.

A railway transportation smart control center jointly constructed by HollySys and the local metro authorities has been put into use.

In addition to HollySys, other information technology companies are also quickly gaining ground in Ningbo. Headquarters for AI company MEGVII were set up in Ningbo. The headquarters’ manufacturing capacity is projected to reach 900 units per month.

Statistics show that the revenue of software and information service companies in Ningbo Software Park soared by 33.5 percent year-on-year to 10.2 billion yuan in first half of this year.

Over the same period, more than 270 companies specializing in software and information services set up operations in the park, with total investment of more than 5 billion yuan.

An industrial system featuring internet, internet of things, artificial intelligence, industry application software, hardware and software, information security, and personnel training has taken shape in the park.

According to local authorities, starting from this year, the city's high-tech district will allocate a fund of 500 million yuan every year to support the development of the software industry.

It will also issue a plan to attract elite professionals in the software industry, and qualified teams will be awarded up to 10 million yuan.