Luoyang Xinqianglian Slewing Bearing (300850.SZ) signed a project framework investment agreement with the People's Government of Daxin Town, Zhangjiagang City, to advance the research and development as well as production of high-end equipment products for wind power.
"Connecting global capital markets."
Luoyang Xinqianglian Slewing Bearing (300850.SZ) Announcement: In order to further implement the company's development strategy, implement the overall development layout plan, meet future market demand, and increase market share, the company has signed the "Zhangjiagang City Daxin Town People's Government and Luoyang Xinqianglian Slewing Bearing Co., Ltd. Wind Power High-end Equipment Project Framework Investment Agreement" with the People's Government of Daxin Town, Zhangjiagang City. The company plans to invest 1 billion yuan in fixed assets through self-raised funds and implement it through its wholly-owned subsidiary, Luoyang Xinqianglian Slewing Bearing (Jiangsu) Heavy Industry Technology Co., Ltd. ("Project Company"). The planned project construction period is 3 years.
The signing of this agreement is in line with the company's strategic development layout. Promoting the research and development and industrialization of the company's wind power high-end equipment products is conducive to expanding future development space and providing support and guarantee for the company's sustainable development. Through the support of local government preferential policies, it will reduce the overall operating costs of the company and help achieve sustained and high-quality development.
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