Lingyun Ind plans to establish a joint venture with HAOMEI in Morocco

According to the Zhitong Finance APP, Lingyun Ind (600480.SH) announced that in order to actively seize the opportunities arising from the restructuring of the global automotive industry supply chain, meet the supporting requirements of high-quality customers, and strengthen market competitiveness, the company plans to establish a joint venture with Guangdong HAOMEI New Materials Co., Ltd. (referred to as "HAOMEI New Materials") in Morocco, serving as a production base radiating to the European and North African markets, to build supporting supply capabilities for new energy battery housings, body structural parts, high-strength rolled parts, and more. The registered capital of the Moroccan company is 100 million yuan (equivalent to the corresponding dirham, the same below), of which the company will invest 51 million yuan through its wholly-owned subsidiary Aite Automotive Holdings Limited (referred to as "Hong Kong Aite"), holding 51%; HAOMEI New Materials will invest 49 million yuan through its wholly-owned subsidiary in Hong Kong, holding 49%.

The establishment of the Moroccan company aims to create a localized production base that radiates to North Africa and European markets such as Morocco, Spain, and Portugal, targeting international automotive companies such as STLA, BMW, Mercedes-Benz, Renault, Ford, Volkswagen, and TSL as potential customers, actively expanding the supporting capabilities of new energy battery products, body structural parts, and other traditional advantageous products. On one hand, this can meet the local supply needs of customers like STLA, and on the other hand, it can radiate to potential bidding project markets in relevant regions of Europe