Oppo India MD Yi Wang quits amid mounting losses

Oppo loses its key executive in India as the company faces increasing losses in the country.

By: INDO ASIAN NEWS SERVICE
| Updated on: Aug 20 2022, 11:59 IST
Oppo said it will invest 10 billion yuan (around $1.43 billion) in Research and Development (R&D) across its global markets in 2019
Oppo said it will invest 10 billion yuan (around $1.43 billion) in Research and Development (R&D) across its global markets in 2019 (Oppo)

Chinese smartphone maker Oppo India's Managing Director Yi Wang has resigned from the company and the handset manufacturer has accepted his resignation, said a regulatory filing with the Bombay Stock Exchange (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, Managing Director of the Company, with effect from 30 November," read Oppo's regulatory filing with BSE late on Wednesday.

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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 CEO of Oppo, announced at its technology-focused "2018 Oppo Technology 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.

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

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First Published Date: 30 Nov, 10:34 IST
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