Phytium eyes sales of $1.57b in 5 years

Chinese chip producer Phytium Technology Co Ltd is planning to achieve sales of about 10 billion yuan ($1.57 billion) in the next five years, said a top company executive.

"The significant surge from the 50 million yuan in sales achieved last year will be driven by the industrial upgrade of State-owned enterprises and wider use of products by government authorities," said Gu Hong, general manager of Phytium Technology Co Ltd.

The company's ongoing projects include an overall energy upgrade system launched by China Huadian Corp Co and China's high-speed rail's telecommunication control system. In addition, the company is banking on expansion of high-speed rail projects to Belt and Road economies such as Indonesia.