Asus and Chongqing Municipal Government inked an agreement on April 12, 2011 to build the company's second headquarter in Chongqing City, according to the Commercial Times of Taiwan. The agreement is valued at approximately US$150 million, and initial investment is estimated at US$50 million. The new headquarter in Chongqing is reported to concentrate on R&D, contract manufacturing management, market sales, and settlement services. Asus said that over 20 million units of the company's smart devices, such as notebook PCs and tablet PCs, will be manufactured by the Chongqing production base by 2015, accounting for more than 50% of the company's total shipments to overseas destinations.