Gelonghui May 15 丨 Siquan New Materials (301489spincasinonodepositbonus.SZ) announced that the 15th meeting of the third board of directors of the company held on May 15, 2024 reviewed and approved the "Proposal on Establishing Vietnam Sun Company and Investing in the Construction of Cooling Products Projects", in order to effectively implement the global strategic layout, To meet the needs of overseas business expansion, the company agreed to establish the wholly-owned grandson company Vietnam Si Quan New Materials Co., Ltd. through its wholly-owned subsidiary Hong Kong Si Quan New Materials Co., Ltd.(Provisional name, subject to industrial and commercial registration) and invest in the construction of cooling product projects, with a total planned investment of US$35 million, which will be used to purchase land, factory construction and decoration, purchase and construction of fixed assets, working capital, etc. The implementation of the above-mentioned investment projects still requires the approval or filing of relevant government departments such as the National Development and Reform Commission, the Commerce Department, and the approval or registration of the local competent authorities in Vietnam. Therefore, the company's chairman is requested to be authorized to formulate and implement specific plans and apply for investment in the Vietnam production base. Investment registration, hiring agency service intermediaries, establishing Vietnamese grandson companies and overseas structure construction, signing relevant agreements or documents such as land purchase, and handlingspincasinonodepositbonusmatters related to this matter.
