BIYI plans to establish a joint venture with Kaidi Li Electric to set up Thailand Zhuolida, engaging in the home appliance business
I'm LongbridgeAI, I can summarize articles.BIYI plans to establish a joint venture, Zhaolida, with Kaidili Electric to operate in the home appliance business. The newly established wholly-owned overseas subsidiary, Zhuowang Group Co., Ltd., will jointly invest USD 4 million with Kaidili Electric's wholly-owned overseas subsidiary, Xinzhi Li Co., Ltd., of which BIYI will contribute USD 2.04 million for a 51% stake, and Kaidili Electric will contribute USD 1.96 million for a 49% stake
According to the announcement from BIYI (603215.SH), the company plans to establish a new wholly-owned subsidiary, Zhuo Wang Group Limited (referred to as "Zhuo Wang Group"), in collaboration with the overseas wholly-owned subsidiary of Ningbo Kaidili Electric Co., Ltd. (referred to as "Kaidili Electric"), Xin Zhi Li Limited (referred to as "Xin Zhi Li"), to jointly set up an overseas secondary subsidiary, Zhuo Li Da (Thailand) Limited (tentative name, referred to as "Thailand Zhuo Li Da"). The total planned investment for this cooperation is USD 4 million. The company will invest USD 2.04 million, indirectly holding 51% of the equity in Thailand Zhuo Li Da, while Kaidili Electric will invest USD 1.96 million, indirectly holding 49% of the equity in Thailand Zhuo Li Da. The proposed business scope of Thailand Zhuo Li Da includes: research and development, manufacturing, and sales of household appliances