In 2003, Dr. David Xiao, PhD graduate of HKUST Department of Electronic and Computer Engineering, started his own business in LED chips with the support of HKUST's Entrepreneurship Program. Advanced Photoelectronic Technology Limited (APT) is now a leader in LED chips in Hong Kong and Mainland China. Sharing HKUST's spirit of innovation and pursuit of excellence, APT re-invests most of its revenue in R&D to increase the company's competitive edge. In 2006 a subsidiary of the company, APT Electronics Ltd. (APTE) was established in Nansha, China with a registered capital of RMB 397 million and a total investment up to RMB 1.5 billion. APTE possesses an area of 35,000 square meters as manufacturing plants and research and development base with the aim to establish an advanced large-scale LED industry chain.