On December 27, Yunhai Metal issued an announcement that its joint venture Anhui Baomei Investment established a wholly-owned subsidiary and completed industrial and commercial registration.
Nanjing Yunhai Special Metal Co., Ltd. (hereinafter referred to as the “Company”), Baosteel Metal Co., Ltd. and Qingyang County Construction Investment Group Co., Ltd. signed an investment agreement on November 25, 2020, and jointly invested in the establishment of Anhui Baomei Light Alloy Co., Ltd. (hereinafter referred to as “Baomei Company”). Due to the development needs of the 150,000-ton magnesium alloy die-casting component project, Baomei Company invested in the establishment of a wholly-owned subsidiary Qingyang Baomei Precision Manufacturing Co., Ltd. (hereinafter referred to as “Baomei Precision”) in Qingyang County, Chizhou City, Anhui Province. Baomei Precision has recently completed the industrial and commercial registration procedures, and obtained the “Business License” issued by Qingyang County Market Supervision and Administration Bureau.
The announcement disclosed that Qingyang Baomei Precision Manufacturing Co., Ltd. has a registered capital of 200 million yuan and its registered place is Tongbuyuan, Qingyang County Economic Development Zone, Chizhou City, Anhui Province. Business scope: general items: non-ferrous metal casting; research and development of metal products; research and development of new material technology; mold manufacturing; mold sales; sales of high-performance non-ferrous metals and alloy materials; sales of metal products; manufacturing of auto parts and accessories; retail of auto parts; Sales of building materials; recycling of renewable resources (except productive scrap metal); import and export of goods (except licensing business, projects that are not prohibited or restricted by laws and regulations can be independently operated in accordance with the law).
The investment and establishment of Baomei Precision, a wholly-owned subsidiary of Baomei Company, is the development need of Baomei Company’s magnesium alloy die-casting parts project, which is conducive to further expanding the application of magnesium alloy deep-processing products, accelerating the company’s strategic layout, and enhancing the company’s comprehensive competitiveness. It is of positive significance to the long-term development of the company. This investment is funded by Baomei Company itself.