Huibai New Material Technology (Shanghai) Co., Ltd.
Announcement on Subsidiary's Proposed Land Acquisition and Project Construction
The company and all members of its board of directors guarantee the content of the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
I. Transaction Overview
(I) Investment Overview
To meet the long-term strategic development needs of Huibai New Material Technology (Shanghai) Co., Ltd. (hereinafter referred to as the "Company") and enhance its overall strength and market competitiveness, the Company's wholly-owned subsidiary, Shanghai Difu New Material Technology Co., Ltd. (hereinafter referred to as "Shanghai Difu"), intends to acquire the land use rights for approximately 35 mu of industrial land located in the柘林 Town, Fengxian District, Shanghai, through public bidding, auction, or listing. The land use term will be 20 years (subject to the actual land grant documents). Upon obtaining the land use rights, Shanghai Difu plans to invest in the construction of the "Fiber Composite Material Production Project" (tentative name, subject to the final project filing name, hereinafter referred to as the "Investment Project") on this land. The total planned investment for the Investment Project is approximately RMB 178 million (including land transfer fees, construction costs, decoration costs, equipment procurement costs, etc.). The funds will come from the Company's own funds, bank loans, or other financing methods. The specific investment amount will be subject to actual expenditures.
(II) Deliberation Procedures