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While deep learning has witnessed remarkable achievements in a wide range of applications, its substantial computational cost imposes limitations on application scenarios of neural networks. To alleviate this problem, low-rank compression is proposed as a class of efficient and hardware-friendly network compression methods, which reduce computation by replacing large matrices in neural networks with products of two small ones. In this paper, we implement low-rank networks by inserting a sufficiently narrow linear layer without bias between each of two adjacent nonlinear layers. We prove that low-rank Swish networks with a fixed depth are capable of approximating any function from the Hölder ball $\mathcal{C}^{\beta, R}([0,1]^d)$ within an arbitrarily small error where $\beta$ is the smooth parameter and $R$ is the radius. Our proposed constructive approximation ensures that the width of linear hidden layers required for approximation is no more than one-third of the width of nonlinear layers, which implies that the computational cost can be decreased by at least one-third compared with a network with the same depth and width of nonlinear layers but without narrow linear hidden layers. Our theoretical finding can offer a theoretical basis for low-rank compression from the perspective of universal approximation theory.