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Oppo India MD steps down amid mounting losses

IANS  |  New Delhi 

Chinese maker India's has resigned from the company and the has accepted his resignation, said a regulatory filing with the (BSE).

Wang will relinquish office on November 30. His resignation coincides with the increasing losses to the handset maker in the country.

"In a captioned meeting, the Board of Directors of the company discussed and passed the resolutions with respect to the following -- resignation of Yi Wang, of the Company, with effect from 30 November," read Oppo's regulatory filing with BSE late on Wednesday.

Meanwhile, the company on Thursday announced it will invest 10 billion yuan (around $1.43 billion) in Research and Development (R&D) across its global markets in 2019.

Tony Chen, Founder and of Oppo, announced at its technology-focused "2018 Exhibition" an increase in R&D spending to 10 billion yuan in 2019 which is a 150 per cent year-on-year (YoY) increase and that the company would continue to increase investment on a yearly basis.

"is a trend must embrace. In addition to striving to become the first manufacturer to launch smartphones, Oppo's exploration of application opportunities in the 5G+ era will determine the value of 5G," Chen stressed.

--IANS

ksc/mag/bg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 19:08 IST
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