Borqs Technologies Stock (BRQS) Increased Nearly 40%. This Is Why.

By Noah Long ● Aug 25, 2020
  • The stock price of Borqs Technologies Inc (NASDAQ: BRQS) increased by nearly 40% on Monday from $0.8820 per share to $1.23. This is why.

The stock price of Borqs Technologies Inc (NASDAQ: BRQS) increased by nearly 40% on Monday from $0.8820 per share to $1.23. One of the main reasons for the stock price jump is due to the company receiving a purchase order of more than $15 million to supply mobile point of sale (POS) IoT devices for the India market.

Borqs had designed and developed the POS IoT device with key technologies — which will work particularly for the India market, including the latest radio bands, payment methods, etc. And the POS device has passed global mobile payment certifications and India mobile operator certifications.

Borqs’ strengths include its Android and Android Wear Licenses — which enabled the company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. And the company is also currently in development of 5G products for phones and hotspots.

The company is expecting the mobile POS market to grow very rapidly. And according to Statista, transaction value in the Mobile POS Payments segment in India is projected to reach US$11,594 million in 2020. The transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 42.5% resulting in a projected total amount of US$47,749 million by 2024. The number of users is expected to amount to 359.6 million by 2024.

This is not the first time that Borqs saw its stock price surge this year. Back in April, Borqs’ stock price jumped about 550% when the company received a credit line offer of around $150 million.