Borqs Technologies announced that, on July 23, 2018, Yuantel Telecommunications, its subsidiary that operates its mobile virtual network operator business, was awarded the official commercial MVNO license from the Ministry of Industry and Information Technology of the People's Republic of China. The license is valid from July 12, 2018 until July 12, 2023. After successfully completing a four year trial period, Borqs' MVNO Business Unit can now begin a new era in the global telecommunications market. Since the beginning of its MVNO business, Borqs has continuously focused on innovative business models as well as developing the key technologies, such as the patented eSIM IoT SDK, to deploy IoT products to its MVNO network of customers and partners. Borqs' MVNO business unit is the second largest in China among the licensees, as measured by the number of subscribers, settlement volume, and quality of service.