Hongfa Technology (600885.SH) Controlling Subsidiary Plans to Establish Joint Venture in Vietnam

Stock News01-12

Hongfa Technology Co.,Ltd. (600885.SH) announced that its controlling subsidiary, Hongfa Acoustic, intends to jointly invest with VinFast Trading & Production Joint Stock Company to establish Hongfa VinFast Electronics Co., Ltd. in Vietnam. The total planned investment/registered capital for the joint venture is 135 billion Vietnamese Dong (approximately 37.665 million Chinese Yuan), with Hongfa Acoustic contributing 108 billion Vietnamese Dong (approximately 30.132 million Chinese Yuan), representing 80% of the total investment/registered capital, while VinFast will contribute 27 billion Vietnamese Dong (approximately 7.533 million Chinese Yuan) for a 20% stake. The invested capital will be primarily used for the joint venture's construction, production, and operations, including, but not limited to, plant leasing (including fit-out), equipment procurement, and working capital.

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